Oil prices dip in pre-Thanksgiving trade ahead of OPEC+ cuts
Oil prices slipped slightly on Wednesday in quiet pre-U.S. Thanksgiving holiday trading, as the market awaited news on output cuts from the OPEC+ producers group and looked for confirmation of a sharp build-up in U.S. crude stocks.
Brent crude futures fell 52 cents to $81.93 a barrel by 0946 GMT. U.S. West Texas Intermediate crude futures were down 49 cents to $77.28.
Both benchmarks have fallen for four straight weeks, and prices weakened further last week on growing concerns about the demand outlook.
Investors remained cautious ahead of Sunday’s scheduled OPEC+ meeting, when the producer group may discuss deepening supply cuts due to slowing global economic growth.
