Oil prices remain stagnant in the face of US stock market data and the possibility of OPEC+ production cuts

Nov 22 (Reuters) – Oil prices were little moved during Asian trading on Wednesday as markets awaited potentially mixed news on the supply side. The OPEC+ producer group is expected to discuss production cuts, and U.S. crude oil inventories are expected to rise significantly.

Brent crude oil futures fell 3 cents, or 0.04%, to $82.45 a barrel at 0500 GMT (5 a.m. Japan time). U.S. West Texas Intermediate crude oil futures fell 1 cent, or 0.01%, to $77.76.

Both indexes have fallen for four straight weeks, with prices falling further last week on growing concerns about the demand outlook. Investors remain cautious ahead of an OPEC+ meeting scheduled for Sunday, with producer groups potentially discussing tougher supply cuts as global economic growth slows. The deals come after three OPEC+ officials told Reuters on Monday that the Organization of the Petroleum Exporting Countries (OPEC) and allied producers would consider further oil supply cuts at a meeting on November 26. It rose by about 2%.

Analysts expect OPEC+ to extend or widen oil supply cuts into next year. “Market consensus suggests Saudi Arabia and Russia will extend their voluntary cuts until 2024, but further cuts by other member states will be key to future prices,” ANZ analysts said in a note. Stated.

The global oil market will be slightly oversupplied in 2024, even if OPEC+ countries extend production cuts into next year, the head of the International Energy Agency’s oil markets and industry division said on Tuesday. U.S. crude oil inventories rose by nearly 9.1 million barrels in the week ending Nov. 17, according to market participants based on Tuesday’s American Petroleum Institute figures.

Gasoline inventories decreased by approximately 1.79 million barrels, and distillate inventories decreased by approximately 3.5 million barrels.