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Oil prices were largely unchanged in Asian trade on Wednesday as a potentially big build-up of U.S. crude cancelled out gains triggered by likely supply cuts from the OPEC+ producers group.
Brent crude futures rose 11 cents, or 0.1 per cent, to $82.56 a barrel by 0004 GMT. U.S. West Texas Intermediate crude futures rose 14 cents, or 0.2 per cent, to $77.91.
Both benchmarks have fallen for four straight weeks, and 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.
On Monday, both contracts climbed about 2 per cent after three OPEC+ sources told Reuters the group, the Organization of the Petroleum Exporting Countries (OPEC) and allied producers, was set to consider additional oil supply cuts when it meets on Nov. 26.
OPEC+ is likely to extend or even deepen oil supply cuts into next year, analysts have predicted.
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. [EIA/S]
Gasoline inventories dropped by about 1.79 million barrels, while distillate inventories fell by about 3.5 million barrels.
U.S. government data on stockpiles is due on Wednesday.
(Editing by Miral Fahmy)
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