Oil fell as discord within OPEC+ forced the group to delay an upcoming meeting, quelling speculation of further production cuts by the Saudi-led alliance just as US data showed a hefty rise in stockpiles.
Global benchmark Brent dipped below $81 a barrel on Thursday after a volatile session on Wednesday that saw prices swing by more than $4. OPEC+ postponed the meeting to the end of the month as disputes arose over quotas for African members including Angola. The Nov. 30 meeting will be held online, OPEC said. Trading on Thursday will likely be thin due to the US Thanksgiving holiday.
The looming OPEC+ meeting has been clouded by indications that output outside of the group is expanding, prompting speculation the cartel would decide to extend production cuts or possibly deepen them. Amid signs of abundant supplies, Europe is contending with a glut due to a combination of lackluster demand and an influx of US cargoes.
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