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Oil Prices Fall on Weaker Chinese Manufacturing Data, Caution Ahead of OPEC+ Meeting

## Falling Oil Prices
Oil prices fell in early Asian trade on Thursday due to weaker-than-expected Chinese manufacturing data. The caution was maintained ahead of an OPEC+ meeting, where production cuts are anticipated. Brent crude futures fell 28 cents, or 0.3%, to $82.90 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 24 cents, or 0.3%, to $77.68 a barrel.

## Chinese Manufacturing Data
China’s manufacturing activity contracted for a second straight month in November at a quicker pace than expected. The official purchasing managers’ index (PMI) fell to 49.4 in November from 49.5 in October, remaining below the 50-point level demarcating contraction from expansion. The weaker data suggests that more policy support measures are necessary to help shore up economic growth in the world’s largest oil importer.

## U.S. Crude Oil and Distillate Fuel Stocks
The U.S. Energy Information Administration reported a surprise build in U.S. crude oil and distillate fuel stocks last week, indicating weak demand. Gasoline stocks also rose more than expected, adding to the concern about demand.

## OPEC+ Meeting
Oil markets in the previous session found support from hopes of some form of a price-supportive resolution from the OPEC+ group. Members of OPEC+ are expected to hold a policy meeting on Thursday, with discussions focusing on additional production cuts. Details were yet to be agreed, with reports suggesting that the cut could be as much as 1 million barrels a day.

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