Oil prices were barely moved during Asian trading on Wednesday as mixed news on the supply front, the OPEC+ group of producers expected to discuss production cuts and forecasts for a big rise in U.S. crude inventories.
Brent crude futures were down 3 cents, or 0.04%, at $82.45 a barrel by 05:00 GMT. West Texas Intermediate crude (WTI) futures fell 1 cent, or 0.01%, to $77.76.
Both indicators have fallen for four consecutive weeks. Prices weakened further last week due to growing concerns about the demand outlook. Investors remain cautious ahead of the OPEC+ meeting on Sunday, where OPEC and its allies could discuss deepening supply cuts due to slowing global economic growth.
Both contracts rose about 2% earlier in the week after sources said the Organization of the Petroleum Exporting Countries (OPEC) and allied producers would consider additional oil supply cuts at their Nov. 26 meeting.
Analysts predict that OPEC+ will extend or even deepen oil supply cuts into next year. Market consensus suggests Saudi Arabia and Russia will extend voluntary cuts into 2024, while additional cuts by other members will shape the future.
Even if OPEC+ countries extend their cuts into next year, the global oil market is likely to experience a slight oversupply in 2024, the International Energy Agency (IEA) said on Tuesday.
U.S. crude oil inventories rose by nearly 9.1 million barrels in the week ending Nov. 17, according to data released Tuesday by the American Petroleum Institute (API). Gasoline stocks fell by about 1.79 million barrels, while distillate stocks fell by about 3.5 million barrels.
US government data on inventories will be released on Wednesday.