Oil prices dipped in Asian trade on Thursday, after dismal economic indications from main importer China, with traders now anticipating an impending OPEC+ meeting, at which the cartel is generally expected to announce additional production cuts. 

Crude prices were also set to fall for the second month in a row in November, weighed down by concerns about weakening oil demand as global economic conditions deteriorated. Sluggish growth in China, the world's largest oil importer, remained a major source of contention for crude. 

Nonetheless, after five weeks of losses, oil witnessed some comeback this week. Supply interruptions in Russia and Kazakhstan, a weaker currency, and the potential of production curbs by the Organisation of Petroleum Exporting Countries and allies (OPEC+) all contributed to the rally. 

Brent oil prices for January delivery lost 0.4% to $82.81 per barrel by 20:34 ET (01:34 GMT), while West Texas Intermediate crude futures fell 0.4% to $77.54 per barrel. In November, both contracts were expected to lose between 3% and 5%. 

China PMIs fall short of expectations, raising concerns about demand. 

According to China's purchasing managers index (PMI), manufacturing activity declined further in November, while total economic activity growth slowed to its lowest level of the year. 

The data indicated that Beijing's recent monetary stimulus measures had done little to boost corporate activity, particularly as local manufacturers experienced a sustained decrease in international demand for goods and services.

Signs of the country's prolonged economic deterioration have raised concerns about how resilient Chinese oil demand will be in the coming months. This year, the country accumulated a huge amount of inventories, which may restrict its demand for crude imports in 2024. 

OPEC+ cuts are being considered, with sources indicating a drop of 1 million barrels per day.

Oil traders were now hoping for some price respite from an OPEC+ meeting later on Thursday, with Reuters reporting that the cartel was mulling considerably larger output cutbacks to counter a recent drop in oil prices. 

Saudi Arabia and Russia are anticipated to lead the cartel in further production cuts, having decreased supplies by a combined 5 million barrels of oil per day in the previous year. According to media reports on Wednesday, the cartel will reduce output by an additional 1 million barrels per day (bpd).

Nonetheless, concerns remained about the entire breadth of the planned production cutbacks, particularly after reported differences among OPEC+ members caused a delay in November's meeting, which was originally set for Nov. 26. 

This year, OPEC+ has constantly lowered supplies in order to keep oil prices stable. However, the reduction have only brought temporary relief to prices, with Brent and WTI futures trading down between 3.5% and 4% for 2023.  

A continuous increase in US oil stocks suggested that markets were not as tight as oil bulls had hoped. Official data revealed that the United States' oil stockpiles increased by 1.6 million barrels in the week ending November 24, with large increases in petrol and distillates inventories.