Oil prices were mostly stable on Thursday ahead of an OPEC+ meeting later in the day, with investors waiting to see what the producer group would do next on supply cuts while also monitoring geopolitical tension in the Middle East.
Brent crude futures rose 6 cents, or 0.08%, to $72.37 a barrel by 0400 GMT, while U.S. crude futures were at $68.61 a barrel, up 7 cents, or 0.10%. Both benchmarks fell nearly 2% on Wednesday.
A single bank sold a large volume of U.S. oil futures contracts in early afternoon trading on Wednesday, a person with direct knowledge of the matter said, pushing prices down.
The Organization of the Petroleum Exporting Countries and its allies in OPEC+ are likely to extend their latest round of oil production cuts by at least three months from January when it meets online at 1100 GMT on Thursday, OPEC+ sources told Reuters, to provide additional support for the oil market.
OPEC+ has been looking to phase out supply cuts through next year.
