Oil steadied after a decline, with traders looking ahead to an OPEC+ meeting on Thursday that's expected to see the cartel again defer a move revive shuttered capacity in an already well-supplied market.
West Texas Intermediate traded near $69 a barrel after sliding by 2% on Wednesday, with Brent crude closing above $72. The Organization of the Petroleum Exporting Countries and its allies are edging closer to agreeing to push back an increase in supply to stave off a glut in 2025.
US data on Wednesday painted a mixed picture. While commercial stockpiles shrank by more than 5 million barrels for the biggest weekly drop since August, nationwide crude production hit a record in a reminder of robust output from nations outside the cartel.
Crude has been caught in a tight range since mid-October, with prices buffeted by competing drivers including lackluster Chinese demand, and the prospect of a second Donald Trump presidency. Since the start of the year, WTI has dropped by about 4% after registering losses in the second and third quarters.
\WTI for January delivery rose 0.3% to $68.76 a barrel at 7:33 a.m. in Singapore.
Brent for February settlement closed 1.8% lower at $72.31 a barrel.
Source : Bloomberg
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