Oil steady ahead of OPEC+ meeting, Brent above $72

Oil drilling rigs

Oil prices were steady in early session today, Dec. 5, as investors looked ahead to an OPEC+ meeting later in the day, amid expectations of a further delay to a planned production increase.

International benchmark Brent crude was trading at $72.28 a barrel, at 08:58 am Makkah time. West Texas Intermediate (WTI) crude held at $68.51 a barrel.

Both benchmark grades lost nearly 2% in the previous session, following the release of data from the US Energy Information Administration that showed US oil demand down by about 503,000 barrels to 19.97 million barrels per day in the week ended Nov. 29.

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) are heading in today's meeting to postpone the latest round of planned oil production increases for at least three months from January, in order to provide additional support to the market, Reuters reported, citing sources.