Oil Prices Slip After Small Crude Inventory Build

Oil prices fell slightly on Thursday after data showed a modest increase in U.S. crude stockpiles in the week ended November 19.

Investors also continued to weigh the impact on prices from a release of crude from strategic petroleum reserves by major consumer nations.

Benchmark Brent crude futures dropped 0.4 percent to $81.92 a barrel, while WTI crude futures were down 0.4 percent at $78.05.

Data from the Energy Information Administration (EIA) showed crude stockpiles in the U.S. increased by 1.017 million barrels last week, more than twice the expected increase.

The OPEC+ JMMC meets on November 30th and the full meeting occurs on 2 December, with investors waiting see whether members will consider a change of course at the meeting in response to the Biden-led SPR release from across the globe.

According to media reports, top oil producers Saudi Arabia and Russia are considering a move to pause their recent efforts to provide the world with more crude.

The head of the International Energy Agency urged the Organization of the Petroleum Exporting Countries (OPEC) on November 24 to take measures to help bring oil prices down to "reasonable levels."

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