Brent steady as investors assess supply prospects

Oil drilling rigs

Brent crude prices were steady today, Nov. 28, ahead of OPEC+ meeting on Nov. 30 and amid supply surplus.

International benchmark Brent crude was trading at $79.92 a barrel, at 09:11 am Makkah time, after falling 0.75% in the previous session.

West Texas Intermediate (WTI) crude fell 0.11% to $74.78 a barrel.

Nearly half of the analysts surveyed by Bloomberg predicted that OPEC+ members would take further measures, during the next meeting, to reduce the supply of oil in global markets.

If OPEC+ does not make an additional reduction of one million barrels per day in addition to the restrictions currently in effect, oil prices may fall to $70 per barrel, Bloomberg reported, citing a note from Eurasia Group analysts.