Brent steady as investors assess supply prospects

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Brent crude prices were steady today, Nov. 28, ahead of OPEC+ meeting on Nov. 30 and amid supply surplus.

 

International benchmark Brent crude was trading at $79.92 a barrel, at 09:11 am Makkah time, after falling 0.75% in the previous session.

 

West Texas Intermediate (WTI) crude fell 0.11% to $74.78 a barrel.

 

Nearly half of the analysts surveyed by Bloomberg predicted that OPEC+ members would take further measures, during the next meeting, to reduce the supply of oil in global markets.

 

If OPEC+ does not make an additional reduction of one million barrels per day in addition to the restrictions currently in effect, oil prices may fall to $70 per barrel, Bloomberg reported, citing a note from Eurasia Group analysts.

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Brent Crude Oil
72.15
0.25 0.35%
Nymex
68.35
0.31 0.46%

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