Oil prices inched higher on Thursday amid reduced trading activity due to the US Thanksgiving holiday, as market participants turned their attention to a postponed OPEC+ meeting now set for December 5.
Brent crude, the global benchmark, hovered near $73 per barrel in a volatile trading session. Speculation is mounting that OPEC+ will further delay plans to increase oil production in response to concerns about a potential supply surplus in 2025.
The meeting, initially scheduled for Sunday, was rescheduled by four days as member nations continue discussions over production strategies. Earlier talks this week signaled the group’s inclination to postpone additional output amid market uncertainty.
Since mid-October, oil prices have been trading within a narrow range, influenced by a mix of geopolitical tensions in the Middle East and Ukraine, the impact of Donald Trump’s reelection campaign, and forecasts of oversupply in the year ahead.
Trading volumes were subdued ahead of the US holiday, with fewer than 500,000 West Texas Intermediate contracts exchanged on Wednesday — approximately 40% below the average for 2024.
On the supply side, US crude inventories fell by 1.8 million barrels last week, breaking a three-week streak of stockpile increases, according to data from the Energy Information Administration.
