NEW YORK: Oil prices dipped about one per cent on Thursday, extending losses on expectations that after Opec+ might not deepen output cuts next year after the producer group postponed its policy meeting.
Brent crude futures were down 61 cents, or about 0.7pc, at $81.35 a barrel by 1734 GMT after falling as much as 4pc on Wednesday.
US West Texas Intermediate crude slid 78 cents, or 1pc, to $76.32 after dropping as much as 5pc in the previous session.
Trading activity was muted because of the US Thanksgiving public holiday.
In a surprise move on Wednesday, the Opec and allies including Russia delayed a ministerial meeting at which they were expected to discuss oil output cuts to Nov 30.
Published in Dawn, November 24th, 2023
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