Oil Slips Ahead of OPEC+ Decision
Oil futures slipped on Wednesday as traders awaited an imminent OPEC+ decision on supply, while a larger-than-expected draw in U.S. crude stockpiles last week lent some support to prices.
Brent crude futures fell 38 cents, or 0.52%, to $73.24 a barrel by 11:50 a.m. EST (1650 GMT). U.S. West Texas Intermediate crude futures were down 44 cents, or 0.63%, to $69.5.
On Tuesday, Brent posted its biggest gain in two weeks, rising by 2.5%.
The market was on tenterhooks, with investors focused on the upcoming OPEC+ meeting, analysts said.
The Organization of the Petroleum Exporting Countries and its allies in OPEC+ meet on Thursday, and are likely extend output cuts until the end of the first quarter of next year, industry sources told Reuters.
"While a delay to unwinding production cuts is expected, the rhetoric out of the meeting is going to have the biggest sway," said Kpler lead Americas oil analyst, Matt Smith.
OPEC+ has been looking to phase out supply cuts through next year.
U.S. crude stocks fell more than expected last week as refiners ramped up operations, the Energy Information Administration (EIA) said. Gasoline and distillate stockpiles rose by more than expected during the week.
Source : Reuters
