Oil prices steady ahead of OPEC+ oil production decision
Brent crude futures were up 42 cents at $81.84 a barrel by 1459 GMT, having settled 0.7% down in the previous session.
U.S. West Texas Intermediate crude were down 33 cents from Wednesday's close, dropping to $76.77.
There was no settlement for WTI on Thursday owing to a U.S. public holiday.
Both contracts were on track for their first weekly gain in five weeks as OPEC+ prepares for a meeting that will have output cuts high on the agenda after recent oil price declines on demand concerns and burgeoning supply, particularly from non-OPEC producers.
The OPEC+ group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia surprised the market with an announcement on Wednesday by announcing that its Nov.
26 meeting would be postponed to Nov. 30 after producers struggled to reach a consensus on production levels.
OPEC+ has moved closer to a compromise with African oil producers on 2024 output levels, three OPEC+ sources have told Reuters.
«The most likely outcome now appears to be an extension of existing cuts,» said IG analyst Tony Sycamore.
The surprise delay had initially brought Brent futures down as much as 4% and WTI by as much as 5% in intraday trading on Wednesday.
Trading remained subdued during Thursday's Thanksgiving holiday in the United States.
A bright spot came in the form of the near-term economic outlook in China. Recent Chinese data and fresh aid to the indebted property sector can be «positive for the oil market's near-term trend», said CMC Markets analyst Tina Teng.
Yet those gains could be capped by higher U.S.
crude stockpiles and poor refining margins, leading to weaker demand from U.S. refineries, analysts said.
«Fundamentals developments have been
