Oil prices were little changed on Tuesday, trading within a narrow range, as traders awaited the outcome of an OPEC+ meeting later this week. Brent crude futures were up 14 cents, or 0.19%, at $71.97 a barrel by 0404 GMT, after a 1-cent drop in the previous session.
U.S. West Texas Intermediate crude climbed 8 cents, or 0.12%, to $68.18, following a 10-cent gain at Monday’s close. “Investors are in wait-and-watch mode ahead of the OPEC+ meeting,” ANZ analysts said in a note.
Sources from the producer group said it will extend its latest round of output cuts until the end of the first quarter at its Dec. 5 meeting.
OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, has been looking to unwind production cuts by the first quarter of 2025.
However, the outlook for surplus supply has put pressure on prices. The group accounts for about half of the world’s oil production.
“I think there’s no other option but to defer it,” Priyanka Sachdeva, a senior market analyst at Phillip Nova said, adding that it may be for just a month or so as there is a lot of pressure from participating nations to ramp up output.
