By Georgina McCartney
HOUSTON (Reuters) – Oil prices remained steady on Thursday as investors analyzed the supply outlook for next year and OPEC+ delaying its output increase until April 2025.
Brent crude was up 5 cents, while WTI rose 3 cents as OPEC+ decided to postpone unwinding cuts due to slowing global demand and high production outside the group.
Experts believe this decision will prevent any immediate price downsides, but concerns remain about the surplus in oil supply for 2025.
Additionally, a weakening U.S. dollar and expectations of interest rate cuts by the Federal Reserve are expected to support the oil market in the short term.
Overall, the oil market faces a challenging supply landscape, and investors should stay informed about these developments to make informed financial decisions.