Oil prices stabilize in anticipation of OPEC+ meeting

Oil prices for benchmark grades changed little on Wednesday morning, as investors are awaiting the meeting of OPEC+ ministers, Report informs via Interfax.

The price of January futures for Brent on the London ICE Futures exchange amounted to $81.68 per barrel at the close of the previous session.

Quotes of WTI oil futures for January in e-trading on the New York Mercantile Exchange (NYMEX) increased by 15 cents, amounting to $76.56 per barrel.

The meeting of OPEC+ ministers will take place on November 30 in an online format, although it was originally planned to hold a meeting in person in Vienna on November 26.

The future direction of oil prices largely depends on whether OPEC+ "can demonstrate continued unity within the group and commitment to stabilizing oil prices in the long term," analysts at Sevens Report Research wrote.

OPEC+ countries are likely to extend existing restrictions on oil production with minimal changes until the end of the first quarter of 2024, Citi analysts believe. The probability of maintaining production at the same level is estimated by them at 60-70%, more widespread reductions in fuel supplies - at approximately 20%, and an increase in production - at 10-20%.

In addition, investors are studying signals about changes in US energy inventories. According to the American Petroleum Institute (API), reserves in the country decreased by 817,000 barrels last week.

Official data from the US Department of Energy will be published later today.