Benchmark oil prices are little changed on Wednesday morning.
The price of January futures for Brent on the London ICE Futures exchange at 7:02 a.m. is $82.42 per barrel, which is 3 cents lower than at the close of the previous session. On Tuesday, these contracts rose in price by 13 cents to $82.45 per barrel.
Quotes for January futures for WTI in electronic trading on the New York Mercantile Exchange (NYMEX) by this time fell by 1 cent to $77.76 per barrel. At the end of the previous session, they fell by 6 cents to $77.77 per barrel.
Market participants are waiting for the OPEC+ meeting to take place next weekend. Earlier, the Financial Times wrote, citing sources, that the meeting may consider extending the current restrictions on oil production that expire at the end of the year or a sharper reduction in fuel production.
“We think the group has room to increase production cuts, but we believe Saudi Arabia will insist that other countries share the burden,” wrote RBC Capital analyst Helima Croft.
In addition, investors are evaluating signals about changes in energy reserves in the United States. According to the American Petroleum Institute (API), last week, US stocks jumped by almost 9.1 million barrels.
Official data from the Energy Ministry will be published at 17:30 on Wednesday.
Trading activity in the oil market is likely to be lower at the end of the week due to the Thanksgiving holiday in the US.
