Oil is getting cheaper on the news about the OPEC+ meeting postponement

Oil prices of the benchmark Brent and WTI brands show a moderate decline during Thursday's trading. This is due to the news about the postponement of the meeting of OPEC+ ministers and a significant increase in oil reserves in the United States.

The current Brent quote is $80.30 per barrel. And this is the result after some recovery in prices: yesterday, Brent quotes sharply collapsed to the level of $78.65 per barrel. North American WTI oil shows similar dynamics: recovery to $75.40 per barrel after yesterday's fall to $74.00. 

One of the reasons for the decline in prices is the postponement of the meeting of OPEC+ ministers from November 26 to November 30. The meeting of the OPEC conference is also postponed to the same date. 

The transfer is due to Saudi Arabia's dissatisfaction with the production level of other participating countries. The kingdom has been further reducing production by 1 million barrels per day since July, and is also conducting difficult negotiations with other members of the alliance on production levels.

However, experts note that the postponement of the meeting will have little effect on its outcome, expecting that Saudi Arabia will extend production restrictions.

Additional pressure on the oil market was exerted by data on commercial oil reserves in the United States. According to the Ministry of Energy, reserves over the past week increased by 8.701 million barrels, which significantly exceeds the expectations of experts who assumed an increase in reserves by 1.16 million barrels. Gasoline stocks increased by 749 thousand barrels, distillate stocks decreased by 1.018 million barrels.