Oil Steadies After OPEC Says Reserves Release Will Bloat Surplus
- OPEC+ alliance meets to decide production policy next week
- WTI futures trade above $78 for third straight session
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Oil was steady, with U.S. traders on holiday, after OPEC said a planned coordinated release of reserves may swell a crude surplus expected early next year.
Futures in New York traded slightly above $78 a barrel for a third straight day, and volumes were thin with Thanksgiving in the U.S. The surplus warning was made by the producer group’s advisory body ahead of a meeting with allies next week. Some of the cartel’s delegates warned this week that releasing strategic reserves may lead to the group holding back crude supply in January.