Oil steady, focus on OPEC+ response to U.S.-led oil release


Oil prices steadied on Thursday, as investors eyed how major producers respond to the U.S.-led emergency oil release designed to cool the market and with OPEC now expecting the release to swell inventories.

Brent crude futures gained 7 cents to $82.32 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 12 cents, to $78.27 a barrel.

Meanwhile, OPEC expects the U.S. release to swell a surplus in oil markets by 1.1 million barrels per day (bpd).

The Organization of the Petroleum Exporting Countries, Russia and allies, together called OPEC+, will meet on Dec. 1-2 to set policy.

OPEC+ has been adding 400,000 barrels per day of supply since August, unwinding record output cuts made last year when pandemic curbs slammed demand.

OPEC members, the United Arab Emirates and Kuwait said they were fully committed to the OPEC+ agreement and had no prior stance ahead of next week’s meeting.

Leave a Reply

Your email address will not be published. Required fields are marked *