08:38 AM EST, 11/29/2024 (MT Newswires) -- Oil prices were mixed early on Friday as expectations OPEC+ will delay production increases currently scheduled to begin in January ease worries over an oversupplied market.

West Texas Intermediate crude for January delivery was last seen up US$0.20 to US$68.92 per barrel, while January Brent oil was down US$0.14 to US$73.14.

OPEC+ on Thursday delayed a planned virtual ministerial meeting scheduled for Sunday to Dec. 5. The group is mulling whether to push back a plan to begin returning 2.2-million barrels per day of production cuts to the market with monthly additions of 180,000 bpd beginning in January. Reports say delegates are leaning towards delaying the move over concerns the market will be oversupplied as Chinese demand remains weak and Western hemisphere production climbs.

"Oil prices traded steady as traders awaited more details on OPEC+'s production plans after a meeting was delayed until December 5, when the group will decide whether to increase supplies or extend cuts into 2025 to avoid oversupply, and the risk of further price weakness," Saxo Bank noted.

The International Energy Agency and the U.S. Energy Information Agency have both warned they expect global inventories winnowed by OPEC+'s production cuts to begin rising by the second quarter of next year on rising supply from the United States, Canada and South America while demand growth is weak.