The price of Brent crude steadied above $78 a barrel on Thursday as the market awaits news of a possible oil production cut ahead of the Organization of the Petroleum Exporting Countries’ (OPEC) meeting next week.
Reuters reported that the price of Brent crude oil declined 6 cents to $78.04 a barrel, while US crude for December delivery remained unchanged at $74.58 a barrel.
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According to the news agency, Libya’s OPEC governor and Libyan oil ministry head of planning Samir Kamal said ministers from OPEC will agree to reduce production to the group’s original target of 30 million barrels a day at the meeting, which is due to be held on 27 November.
The move could result in a production cut of between 250,000 and 600,000 barrels per day.
The market is also preparing for new economic data from the US, which will be revealed later today, including consumer prices for October.
Oil prices declined on Wednesday following the release of last month’s Federal Reserve policy meeting minutes.
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By GlobalDataThere are concerns that US inflation may remain below target for some time.
Data from the US Department of Energy’s Energy Information Administration revealed that US crude stockpiles unexpectedly increased by 2.6 million barrels last week, supported by an increase in oil imports.
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