Oil Markets Steady as OPEC Meeting Delay Fuels Speculation

Oil prices showed little movement as traders awaited updates on OPEC+’s production strategy after the group postponed a crucial meeting by four days. West Texas Intermediate remained below $US69 per barrel, while Brent crude closed above $US73. The upcoming online meeting, rescheduled for December 5, will determine whether OPEC+ revives supplies or extends production cuts into 2025 to prevent an oversupply.

Oil markets have fluctuated within a narrow range since mid-October, driven by geopolitical tensions in the Middle East, reduced demand in China, and uncertainty surrounding President-elect Donald Trump's potential policies affecting oil exports from Russia and Iran. At the time of writing, market sentiment remains cautious as investors assess the possible outcomes of the delayed OPEC+ decision.

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