Oil was little changed as trade thinned out ahead of the U.S. Thanksgiving holiday, with focus on this weekend's OPEC+ meeting. West Texas Intermediate was below $69 a barrel after trading in its tightest range in more than a month on Wednesday, with Brent crude closing near $73. OPEC+ is widely expected to once again delay a production recovery when it meets Sunday, to offset concerns about an anticipated supply glut next year.
U.S. trade had been subdued before the holiday. Crude had been trapped in a tight range since early October, with prices shaken by geopolitical concerns in the Middle East and Russia, Donald Trump's presidential election victory and expectations of a weaker balance in 2025. Meanwhile, data on Wednesday showed U.S. inventories fell by 1.8 million barrels, snapping a three-week streak of expansion.
Source: Bloomberg
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