Oil prices fell on Thursday as US gasoline inventories unexpectedly increased, with Brent crude futures dropping by 20 cents to $72.63 per barrel and US West Texas Intermediate crude down 21 cents to $68.52 per barrel by 0717 GMT.
The rise in gasoline stocks, reported at 3.3 million barrels for the week ending November 22, contrasts with market expectations of a slight decline, particularly ahead of the holiday travel surge.
Market analysts indicate that oil prices are likely to remain under pressure due to slowing fuel demand growth in major consumers such as China and the United States. This trend has been compounded by geopolitical factors, including a ceasefire agreement between Israel and Hezbollah, which has alleviated concerns over potential supply disruptions from the Middle East.
OPEC+, which accounts for approximately half of the global oil supply, is scheduled to meet on Sunday to discuss output policy. Speculation surrounds the potential delay of a planned oil output increase initially set to commence in January, with market participants eager to determine the duration of any deferment.
As the market awaits OPEC+'s decisions, analysts note that oil prices may face additional downward pressure unless significant production cuts are confirmed.