Oil dips, focus on OPEC+ response to U.S.-led oil release | Reuters

Oil dips, focus on OPEC+ response to U.S.-led oil release | Reuters

Oil prices dipped in thin trading on Thursday, the U.S. Thanksgiving holiday, as investors eyed how major producers respond to the U.S.-led emergency oil release designed to cool the market and with OPEC now expecting the release to swell inventories.

Brent crude futures had slipped 8 cents, or 0.1%, to $82.17 a barrel by 1:02 p.m. ET (1802 GMT). U.S. West Texas Intermediate (WTI) crude futures fell 36 cents, or 0.5%, to $78.03 a barrel.

OPEC expects the U.S. release to swell a surplus in oil markets by 1.1 million barrels per day (bpd), a source from the group said. read more

The Organization of the Petroleum Exporting Countries, Russia and allies, together called OPEC+, will meet on Dec. 1-2 to set policy.