“Oil prices fell after a surprise jump in U.S. gasoline inventories, while investors focused on the OPEC+ meeting this weekend to discuss oil production policy.”, — write: epravda.com.ua
Oil prices fell after a surprise jump in U.S. gasoline inventories, while investors focused on the OPEC+ meeting this weekend to discuss oil production policy. This is reported by Reuters. Brent crude futures were down 14 cents, or 0.2%, at $72.69 a barrel, while U.S. West Texas Intermediate crude futures were also down 14 cents, or 0.2%. %, up to $68.58 per barrel. Trading is expected to be inactive due to the Thanksgiving holiday in the US, which starts on Thursday.Advertisement: US gasoline inventories rose by 3.3 million barrels in the week ended Nov. 22, defying expectations for a slight draw in fuel stockpiles on the eve of record holiday trips.Advertisement: Slowing growth in fuel demand in the largest consumers – the United States and China – weighed heavily on oil prices in 2024, although supply cuts by OPEC+, which unites the Organization of the Petroleum Exporting Countries along with Russia and other allies, limited losses. The OPEC+ meeting will take place on Sunday. Members of the group are discussing further delaying the planned increase in oil production, which was supposed to start in January. Brent and WTI crude have lost more than 3% this week under pressure from Israel’s ceasefire deal with the Lebanese Hezbollah group. The ceasefire began on Wednesday and helped ease concerns that the conflict could disrupt oil supplies from the Middle East’s biggest oil-producing region. To recall: Oil prices rose in early trade on Tuesday, November 26, after falling in the previous session, as investors assessed a potential cease-fire between Israel and Hezbollah, which affected the risk premium for oil.
