Oil edged lower as traders watched for any further clues to OPEC+'s production plans after it delayed a key virtual meeting by four days.
Brent crude traded near $73 a barrel following a modest gain on Thursday. The producer group faces a decision on whether to start reviving curtailed production when a supply glut is expected next year.
An online gathering is now schedule for Dec. 5, but OPEC+ delegates already said earlier this week that talks have begun on once again delaying restoring output.
Crude has traded in a tight range since the middle of October, flipping between consecutive weekly gains and losses. Prices have been buffeted by fluctuating geopolitical tensions in the Middle East, waning demand in top importer China and concerns whether President-elect Donald Trump's upcoming policies could affect supply from Russia and Iran.
"We expect Brent to break under $70 a barrel and approach $60 a barrel as the seasonally weak 1Q-2Q period approaches," said Tamas Varga, an analyst at brokerage PVM. "Next year promises to be looser than the current one and oil prices are to average below the 2024 level."
Trading volumes were lower due to Thursday's Thanksgiving holiday, with just over 2.4 million contracts of WTI changing hands in the US so far this week. That's just over half the average weekly volume over the past year.
Brent for February dipped 0.85% to $72.16 as of 10:39 a.m. in London. The front-month contract was at 72.59. WTI for January delivery fell 0.52% from Wednesday's close to 68.36 a barrel. Futures didn't settle on Thursday due to the US holiday.
Source : Bloomberg
Oil prices were little changed in Asian trading on Thursday after US President Donald Trump backed down from a threat to impose tariffs on European countries over Greenland. This decision helped ease ...
Oil prices rose on Tuesday, supported by a combination of supply disruptions from Kazakhstan, improved global economic growth projections, and a weakening US dollar, making dollar-denominated oil chea...
Oil traded in a tight range on Thursday after two straight sessions of losses, as markets digested a sharper US push to shape Venezuela's crude flows—alongside fresh tanker seizures tied to sanctions....
Oil prices edged higher as the market digested the United States' latest moves regarding Venezuela. WTI held steady at US$56/barrel after a sharp drop, while Brent remained below US$60/barrel. This s...
Brent crude prices sank in volatile trading on Wednesday after U.S. President Donald Trump said Venezuela will supply tens of millions of barrels of oil to Washington. Oil prices were nursing losses ...
Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" for a future agreement on Greenland. This calmer...
Oil prices were little changed in Asian trading on Thursday after US President Donald Trump backed down from a threat to impose tariffs on European countries over Greenland. This decision helped ease geopolitical tensions and improve market...
The Nikkei 225 Index climbed 1.73% to close at 53,689, while the broader Topix Index rose 0.74% to 3,616 on Thursday, snapping a five-day losing streak as Japanese shares were lifted by a strong rally in chip and artificial intelligence related...