Brent crude futures consolidated gains above $82 per barrel on Thursday, as markets await OPEC’s response to the coordinated reserve release of major oil consumers meant to lower prices. OPEC warned of oversupply in the oil markets after the release of emergency reserves, with its advisory group predicting that the surplus in the markets would expand by 1.1 million barrels a day in January and February if 66 million barrels are injected by major consumers over the two-month period, according to a Bloomberg report. Meanwhile, some members of the oil cartel warned this week that releasing strategic reserves may lead to the alliance holding back crude supply in January, with the International Energy Agency accusing the group of creating “artificial tightness” in global oil and gas markets and urging them to increase output. The OPEC+ alliance will meet Dec. 1-2 to decide on production policy.
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