It remained stable, as transactions diluted during Thanksgiving holidays in the US, with the market looking forward to its forthcoming session postponed for Thursday (5.12.2024). West Texas Intermediate oil retreated and negotiated under $69 a barrel at a volatile meeting, while Brent’s world reference point negotiated near $73. OPEC+ is widely expected to delay the restoration of production again when it meets next time, to offset concerns about an expected overcrowded next year. The OPEC+ meeting, originally scheduled for Sunday (1.12.2024), has been postponed by four days. The group had started talks earlier this week to delay the increase in supply. Oil has been in a narrow range of prices since mid-October, with prices affected by geopolitics risks in the Middle East and Ukraine, Donald Trump’s victory in the presidential election and expectations for overcrowded in 2025. “There is a lack of geopolitical developments, we expect price action to remain restrained, even more so now that the OPEC+ ministerial meeting has been postponed,” said Harry Tchilinguirian, head of the Onyx Capital Group research group. Meanwhile, American reserves of crude fell by 1.8 million barrels last week, interrupting a three-week pay streak, according to data from the Energy Intelligence Agency.
OPEC is expected to delay re-establishing oil production
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