(Bloomberg) -- Oil held steady as trading thinned during the US Thanksgiving holiday, with the market looking ahead to an upcoming OPEC+ meeting that has been delayed until Dec. 5.
West Texas Intermediate was little changed below $69 a barrel in a choppy session, while global benchmark Brent traded above $73. OPEC+ is widely expected to once again delay restoring production when it next meets, to offset concerns about an anticipated glut next year.
The meeting, originally scheduled for Sunday, has been pushed back by four days. The group had started talks earlier in the week on delaying an increase to supply.
Oil has been caught in a tight range since mid-October, with prices buffeted by geopolitical risks in the Middle East and Ukraine, Donald Trump’s presidential election victory and expectations of a glut in 2025.
“Absent any geopolitical developments, we expect price action to remain muted, even more so now that the OPEC+ ministerial meeting has been pushed back,” said Harry Tchilinguirian, group head of research at Onyx Capital Group.
Meanwhile, US crude inventories fell by 1.8 million barrels last week, snapping a three-week run of gains, according to Energy Information Administration data.
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--With assistance from Robert Tuttle.
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