Oil markets show growth: traders are waiting for signals from OPEC+

On Thursday, oil markets showed an increase in prices, despite the relatively low trading activity caused by the Thanksgiving holiday in the United States. 

The price of Brent crude oil reached $73.44 per barrel, which is 0.84% more than the day before. WTI crude futures also increased in price, rising 0.73% to $69.22.

Traders are closely monitoring the geopolitical situation and OPEC+ reports on future production volumes. 

The meeting of the OPEC+ Ministerial Monitoring Committee scheduled for December 1 and the ministerial meeting have been postponed to December 5. The reason for the postponement is the participation of some ministers in the Kuwait summit, which will be held online. The leading OPEC+ countries are considering the possibility of another delay in increasing oil production, which was scheduled for January. This is due to the doubt that the market situation allows us to increase production from the new year, and plans may be postponed for several months.

According to data from the US Department of Energy, published yesterday, oil reserves in the country decreased by 1.84 million barrels over the past week, amounting to 428.45 million barrels. At the same time, gasoline reserves increased by 3.31 million barrels, and distillates – by 416 thousand barrels.