Oil prices static on uncertainty over planned production cut
Oil prices were little changed on Thursday as uncertainty ahead of a planned OPEC-led crude production cut and thin liquidity due to the U.S. Thanksgiving holiday kept traders from making big new bets on markets, Reuters reported.
International Brent crude oil futures LCOc1 were trading at $48.90 at 0209 GMT, down 5 cents from their last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.94 per barrel, down 2 cents from their last settlement.
Traders said market activity was low due to the U.S. holiday, and there was a reluctance to take on big price directional bets due to uncertainty about a planned oil production cut, led by the Organization of the Petroleum Exporting Countries (OPEC).