Oil prices remained stable during the U.S. Thanksgiving holiday period, with trading activity subdued. The market's focus is on the OPEC+ meeting, which has been postponed to December 5. WTI crude hovered just below $69 per barrel, while Brent crude maintained levels above $73 per barrel.
The market widely anticipates that OPEC+ will delay its production increase plans at the upcoming meeting to mitigate concerns about a potential supply surplus in the coming year. The meeting, initially scheduled for Sunday, has been postponed by four days, and discussions about delaying supply increases have already begun.
Since mid-October, oil prices have experienced narrow fluctuations, influenced by geopolitical risks in the Middle East and Ukraine, Donald Trump's presidential election victory, and expectations of an oversupply by 2025. Without significant geopolitical developments, oil prices are expected to remain subdued, especially with the delay of the OPEC+ ministerial meeting.
