Oil prices hold steady as OPEC+ works on compromise on production deal
NEW YORK (Reuters) – Oil prices held steady on Thursday as the market waited for direction from the OPEC+ producers, including Saudi Arabia and Russia, that are debating whether to increase output from January.
Brent futures rose 16 cents, or 0.3%, to $48.41 a barrel by 11:10 a.m. EST (1610 GMT), while U.S. West Texas Intermediate (WTI) crude rose 6 cents, or 0.1%, to $45.34.
The premiums of front-month Brent and WTI over the same month in 2022, meanwhile, reached their highest since February 2020.
“The market is cautious. Oil prices lost some gains this week as negotiations within the OPEC+ group did not prove to be as smooth as expected,” said Rystad Energy’s head of oil markets Bjornar Tonhaugen.
