Oil weakened further on higher US inventories; OPEC+ delayed output meeting

International benchmarks for crude oil ended the trading session on Wednesday, 22 November 2023 lower on heightened concerns over the supply outlook. OPEC+ abruptly postponed a production outputs meeting, which was initially scheduled for 26 November while the latest inventory report from the EIA showed US crude stocks rising 8.7 million barrels last week. 

Adding to the downward pressure is the stronger US dollar and the lack of liquidity ahead of the holiday.

Brent inched 49 cents lower to close at $81.96/barrel.

WTI loses 67 cents to settle at $77.10/barrel.