Oil futures settled lower on Wednesday, as OPEC+ decided to reschedule its meeting this weekend to Nov. 30 and U.S. government data revealed a hefty weekly increase in U.S. crude supplies. There appears to be “rumble in the jungle” among OPEC members on who will participate in the production cuts “as opposed to enjoy a free ride at the expense of those who have been cutting production,” said Manish Raj, managing director at Velandera Energy Partners. “Saudi Arabia alone has sacrificed its production in the last year and wants to invite other producers to share its burden.” January West Texas Intermediate crude CLF24 fell 67 cents, or 0.9%, to settle at $77.10 a barrel on the New York Mercantile Exchange, ahead of Thursday’s Thanksgiving holiday. Prices had fallen to as low as $73.79 during the session.
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