Texas, US–Oil prices hardly moved during Asian trade on Wednesday as the market awaited potentially mixed news on the supply front, with the OPEC+ producers group expected to discuss output cuts and U.S. crude stocks forecast to show a big build-up.
Brent crude futures fell 3 cents, or 0.04%, to $82.45 a barrel by 0500 GMT. U.S. West Texas Intermediate crude futures fell 1 cent, or 0.01%, to $77.76.
On Monday, both contracts climbed about 2% after three OPEC+ sources told Reuters the group, the Organisation of the Petroleum Exporting Countries (OPEC) and allied producers, was set to consider additional oil supply cuts when it meets on Nov. 26.
Even if the OPEC+ nations extend their cuts into next year, the global oil market will see a slight supply surplus in 2024, the head of the International Energy Agency’s (IEA) oil markets and industry division said on Tuesday.
U.S. crude stocks rose by nearly 9.1 million barrels in the week ended Nov. 17, according to market sources citing American Petroleum Institute figures on Tuesday.
Gasoline inventories dropped by about 1.79 million barrels, while distillate inventories fell by about 3.5 million barrels.
