With OPEC+ postponing a ministerial meeting, there was suspicion that producers could reduce output less than initially expected, which caused oil prices to drop over 1% on Thursday, continuing their losses from the previous day.

Brent futures dipped 1.2%, at $80.94 per barrel meanwhile US WTI plunged 1.1% to $76.23 per barrel post dipping as much as 5% in the earlier session.

Because of the US Thanksgiving break, trade was predicted to remain tame.

The oil output restrictions that were due to be discussed at a ministerial conference were unexpectedly postponed until November 30 by OPEC and their allies, including Russia.

Before the conference that was first scheduled for November 26, producers were having difficulty reaching a consensus on output levels and, consequently, potential reductions, according to OPEC+ sources.

However, investor concerns were partially allayed when three OPEC+ sources suggested that this was related to African nations, which are minor producers in the group.