08:58 AM EST, 11/28/2024 (MT Newswires) -- Oil prices rose early in light electronic trade with exchanges closed for the U.S. Thanksgiving holiday ahead of the decision by OPEC+ over the weekend on whether to begin returning some production cuts to market.

West Texas Intermediate crude for January delivery was last seen up US$0.38 to US$69.10 per barrel, while January Brent crude, the global benchmark, was up US$0.46 to US$73.29.

Oil has traded in a tight US$5.00 range over the past month with demand from China remaining weak as its economy struggles. OPEC+ ministers will meet on Sunday to decide on whether to delay again the staggered return 2.2-million barrels per day of voluntary production cuts through monthly additions of 180,000 bpd starting in January. Reports say the cartel is likely to opt for another postponement due to concerns the additional supply will weaken prices.

"Oil prices remained stable and range bound as trading slowed before the US Thanksgiving holiday, with attention on the OPEC+ meeting this weekend. OPEC+ is expected to delay increasing production to address potential oversupply concerns next year," Saxo Bank noted.

The Energy Information Administration on Thursday reported U.S. oil inventories fell by 1.8-million barrels last week, the first drop in a month. However the drop in crude stocks was accompanied by a 3.3-milllion barrel rise in gasoline inventories, well above the consensus estimate for a drop of 46,000 barrels among analysts polled by Reuters.