Oil prices drifted lower on Thursday after a surprise jump in U.S. gasoline inventories, with investors focusing on the OPEC+ meeting this weekend to discuss oil output policy.
Brent crude futures fell by 14 cents, or 0.2%, to $72.69 per barrel by 0401 GMT, while U.S. West Texas Intermediate crude futures were also down 14 cents, or 0.2%, at $68.58 a barrel.
Trading is expected to be light due to the U.S. Thanksgiving holiday kicking off on Thursday. Oil is likely to hold to its near-term bearish momentum as the risks of supply disruption fade in the Middle East and stemming from the higher-than-expected U.S. gasoline inventories, said Yeap Jun Rong, a market strategist at IG.
U.S. gasoline stocks rose 3.3 million barrels in the week ended on Nov. 22, the U.S. Energy Information Administration (EIA) said on Wednesday, countering expectations for a small draw in fuel stocks ahead of record holiday travel.
Slowing fuel demand growth in top consumers, the United States and China has weighed heavily on oil prices this year, although supply curtailments from OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, have limited the losses.
