Oil steady ahead of OPEC+ meeting

Oil drilling rigs

Oil prices were steady today, Nov. 28, ahead of the OPEC+ meeting and amid concerns over weak US demand after a surprise rise in gasoline inventories.

International benchmark Brent crude was trading at $72.83 a barrel, at 09:16 am Makkah time. West Texas Intermediate (WTI) crude held at $68.70 a barrel amid weak trading due to Thanksgiving holiday.

The US Energy Information Administration’s latest data showed US crude oil inventories fell by 1.8 million barrels last week, while gasoline inventories rose by 3.3 million barrels, contrary to expectations of a 600,000-barrel decline.

In addition, the geopolitical risk premium in the oil market eased after Israel and the Lebanese Hezbollah reached a ceasefire agreement.

Investors are currently focused on the OPEC+ meeting scheduled for Dec. 1, amid reports that member states have been discussing whether to postpone plans to abandon some voluntary production cuts again.