OPEC+ Decision Looms as Oil Prices Dip

28 Nov 2024 , 10:22 AM

Following a surprising spike in U.S. petrol supplies ahead of the country’s Thanksgiving holiday, which raised concerns about demand in the largest user of the motor fuel, oil prices marginally declined in Asian trading on Thursday.

U.S. West Texas Intermediate crude prices were down one penny at $68.71 a barrel, while Brent crude futures had dropped 4 cents, or 0.1%, to $72.79 per barrel.

Because of the U.S. vacation, trading is anticipated to be minimal.

The U.S. Energy Information Administration (EIA) said on Wednesday that petrol stocks in the United States increased by 3.3 million barrels for the week ending November 22, defying forecasts of a slight decline in fuel supplies in anticipation of record holiday travel.

A Reuters poll conducted last week before of the EIA release predicted that U.S. petrol stockpiles would drop by 46,000 barrels.

slowing the growth of top customers’ fuel demand Although production restrictions from OPEC+, which unites the Organisation of the Petroleum Exporting Countries with Russia and other allies, have minimised the losses, the United States and China have had a significant impact on oil prices this year.

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