WTI crude oil futures dropped to around $68 per barrel on Thursday, following an unexpected increase in US gasoline stocks, while investors remained focused on the upcoming OPEC+ meeting.
Oil declines, OPEC meeting in focus
EIA data revealed a 3.3 million-barrel rise in gasoline stocks last week, far exceeding the forecasted increase of 0.2 million barrels. However, US crude oil inventories fell by 1.8 million barrels, surpassing expectations of a 1.1 million-barrel draw. Market attention is now on Sunday’s OPEC+ meeting, with speculation that the group may delay the planned production increase in January due to concerns over a supply glut and weak fuel demand growth from major consumers.
Eyes on geopolitical events
Traders are also monitoring geopolitical developments in the Middle East, with the recent ceasefire agreement between Israel and Hezbollah alleviating some risks, though uncertainty remains after strong remarks from Israeli Prime Minister Netanyahu.
