Oil Prices Decline as Markets Weigh Ceasefire and OPEC+ Delays

A temporary Israel-Hezbollah ceasefire and an OPEC+ meeting postponement shape oil market dynamics, with prices down over 3% this week.

Oil prices dropped more than 3% this week, reflecting eased concerns over Middle East supply disruptions following a ceasefire between Israel and Hezbollah.
Brent crude futures fell to $72.73 per barrel, and U.S. West Texas Intermediate crude settled at $69.52, with trading muted due to the U.S. Thanksgiving holiday.
The OPEC+ coalition delayed its policy meeting to December 5, with expectations of extending production cuts amid weak global demand.
U.S. gasoline inventories unexpectedly rose by 3.3 million barrels last week, signaling potential demand weakness in the world's largest oil-consuming nation.
Analysts warn of potential supply risks from Iran due to possible sanctions enforcement and ongoing geopolitical uncertainties in Ukraine and the Middle East.