There was little change in oil prices on Thursday, as investors continued to remain cautious ahead of expected production cuts from the OPEC+ alliance, while Chinese factory data showed slowing growth in the world’s second-largest economy.<\/p>\n\n\n\n
By 0740 GMT, Brent crude futures increased 13 cents, or 0.2 percent, to $83.23 per barrel, while US West Texas Intermediate crude futures rose 17 cents, or 0.2 percent, to $78.03 per barrel.<\/p>\n\n\n\n
The contracts for the two standard crude oils recorded an increase of approximately two percent the previous day amid hopes that the OPEC+ group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, will reach a decision that supports prices in some way.<\/p>\n\n\n\n
OPEC+ members are scheduled to hold a policy meeting on Thursday. Three sources told Reuters that OPEC+ ministers will hold meetings on Thursday to discuss an additional cut in oil production next year in order to support the market.<\/p>\n\n\n\n
The size of the additional reduction has not yet been determined, but two sources said it ranges between one million and two million barrels per day.<\/p>\n\n\n\n
An official survey on Thursday showed China’s manufacturing activity contracted for the second straight month in November and at a faster-than-expected pace, indicating the need for more policy support measures to help drive economic growth in the world’s largest oil importer.<\/p>\n\n\n\n
The US Energy Information Administration on Wednesday also announced a surprise increase in crude oil and distillate inventories last week, indicating weak demand. The data showed that gasoline stocks also rose more than expected.<\/p>\n\n\n\n
Officials told Reuters that the two OPEC+ member countries, Angola and Nigeria, are seeking to increase oil production.<\/p>\n","protected":false},"excerpt":{"rendered":"
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