Oil Prices Hold Steady as OPEC+ Prepares to Extend Supply Cuts

Geopolitical tensions and rising U.S. crude inventories shape market dynamics ahead of key OPEC+ meeting.

OPEC+ is expected to extend its 2.2 million barrels per day voluntary production cut into the first quarter of 2025 during its meeting on Thursday.
Oil prices showed minor fluctuations, with Brent crude trading at $73.81 per barrel and U.S. West Texas Intermediate at $70.07 as of Wednesday morning.
Geopolitical risks persist, including a fragile ceasefire between Israel and Hezbollah and escalating rebel offensives in Syria, which could impact oil-producing regions.
U.S. crude oil inventories increased by 1.2 million barrels last week, while gasoline stocks rose by 4.6 million barrels, despite typically higher holiday demand during Thanksgiving.
Analysts predict a decline in U.S. crude stocks by 700,000 barrels, with official data from the Energy Information Administration expected later today.