SINGAPORE: Following an unexpected increase in US gasoline stocks, oil prices fell Thursday as investors turned their attention to this weekend’s OPEC+ meeting to debate oil output strategy, according to Reuters. Later, however, the OPEC+ oil alliance declared that the 38th OPEC and non-OPEC Ministerial Meeting and the 57th Joint Ministerial Monitoring Committee meeting had been moved to December 5. The group attributed the postponement to the Gulf Cooperation Council Summit, which is scheduled for December 1 in Kuwait.
By 10:17 a.m. Saudi time, Brent crude futures had down 20 cents, or 0.27 percent, to $72.63 a barrel, while US West Texas Intermediate crude futures had dropped 21 cents, or 0.29 percent, to $68.52 a barrel. Because of the US Thanksgiving holidays, which begin on Thursday, trading is anticipated to be minimal.
According to Yeap Jun Rong, a market strategist at IG, oil is likely to continue its short-term bearish momentum as the Middle East’s supply disruption threats diminish and US gasoline stocks remain higher than anticipated.
The US Energy Information Administration said Wednesday that US gasoline stocks increased by 3.3 million barrels during the week ending November 22, defying forecasts of a slight decline in fuel supplies in anticipation of record holiday travel.
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