Oil prices slipped on Thanksgiving

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.


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