Oil prices fell in pre-U.S. Thanksgiving trading as investors awaited OPEC+ supply cutbacks and confirmation of a significant buildup in U.S. crude inventories.
Brent futures and West Texas Intermediate futures fell by 95 cents and $76.85, respectively.
Investors were wary ahead of Sunday’s OPEC+ meeting, which may debate tightening supply curbs due to weakening global economic growth.
Analysts expect OPEC+ to extend or expand oil supply curbs into next year, with the global oil market potentially having a tiny supply surplus in 2024.
U.S. oil stockpiles surged 9.1 million barrels in the week ending Nov. 17.