Oil Little Changed in Thin Trading Ahead of Key OPEC+ Meeting

Wedoany.com Report-Nov 28,  Oil was little changed as trading thinned before the US Thanksgiving holiday, with the focus on this weekend’s OPEC+ meeting. 

West Texas Intermediate was below $69 a barrel after ending 5 cents lower on Wednesday, with Brent crude closing near $73. OPEC+ is widely expected to once again delay restoring production when it meets Sunday, to offset concerns about an anticipated glut next year.

Crude has been caught in a tight range since mid-October, with prices buffeted by geopolitical concerns in the Middle East and Russia, Donald Trump’s presidential election victory and expectations of a glut in 2025. US trading has quietened before the holiday, with just over 500,000 lots of WTI changing hands — almost 40% less than the year-to-date average.

Meanwhile, US crude inventories fell by 1.8 million barrels last week, snapping a three-week run of gains, according to Energy Information Administration data.