Oil prices declined on Thursday as investors balanced OPEC+ delaying its output increase against expectations of ample supply in 2025. Brent crude fell 22 cents (0.3%) to $72.09 per barrel, while WTI crude dropped 24 cents (0.35%) to $68.30. OPEC+ announced it would begin unwinding its 2.2 million bpd cuts in April 2025, with monthly increases of 138,000 bpd through September 2026. Analysts noted this decision was a constructive signal but highlighted that a surplus outlook for 2025 limited price support.
A cooling U.S. dollar lent minor support, with expectations for a Federal Reserve rate cut further easing dollar strength and aiding oil demand.