Brent retreats ahead of OPEC+ oil production decision
By Colleen Howe
BEIJING (Reuters) -Brent crude futures edged down on Friday, extending losses from the previous session, as traders speculated on whether OPEC+ would come to an agreement on further production cuts.
Brent crude futures inched down by 6 cents, or 0.07%, to $81.36 at 0400 GMT, after settling down 0.7% in the previous session.
U.S. West Texas Intermediate crude slid 66 cents, or 0.86%, to $76.44, from its Wednesday close. There was no settlement for WTI on Thursday as it was a U.S. public holiday.
Both contracts are on track to mark their first weekly rise in five, supported by expectations that OPEC+, led by Saudi Arabia, could reduce supply to balance the markets into 2024.
The Organization of Petroleum Exporting Countries and allies, together known as OPEC+, surprised the market with an announcement on Wednesday that it would postpone a ministerial meeting by four days to Nov. 30, after producers struggled to come to a consensus on production levels.
«The most likely outcome now appears to be an extension of existing cuts,» Tony Sycamore, a Sydney-based market analyst at IG, wrote in a note.
The surprise delay had initially brought Brent futures down by as much as 4% and WTI by as much as 5% in Wednesday's intraday trading.
Trading remained subdued because of the Thanksgiving holiday in the U.S.
The near-term Chinese outlook appeared stronger, supporting market sentiment.
«The recent Chinese data and fresh aid to the indebted properties can be positive for the oil market's near-term trend,» said Tina Teng, a market analyst at CMC Markets (LON:CMCX).
Chinese stocks rose on Thursday amid expectations that China would direct more stimulus to the struggling property sector.
Yet those gains may be capped by
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