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