Brent and WTI both down 0.3
US gasoline stocks rose last week, against expectations
OPEC likely to defer hikes, analysts, market participants say
Oil prices hit by low demand in U.S. and China

SINGAPORE, Nov 28 Reuters Oil prices drifted lower on Thursday after a surprise jump in U.S. gasoline inventories, with investors focusing on this weekend39;s OPEC meeting to discuss oil output policy.

Brent crude futures fell by 20 cents, or 0.27, to 72.63 per barrel by 0717 GMT, while U.S. West Texas Intermediate crude futures were down 21 cents, or 0.29, at 68.52 a barrel.

Trading is expected to be light due to the U.S. Thanksgiving holidays starting on Thursday.

Oil is likely to retain its nearterm bearish momentum as the risks of supply disruption fade in the Middle East and U.S. gasoline inventories stood higher than expected, said Yeap Jun Rong, a market strategist at IG.

U.S. gasoline stocks rose 3.3 million barrels in the week ending on Nov. 22, the U.S. Energy Information Administration EIA said on Wednesday, countering expectations for a small draw in fuel stocks ahead of record holiday travel.

Slowing fuel demand growth in top consumers China and the United States has weighed heavily on oil prices this year, although supply cuts from OPEC, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, have limited the losses.

OPEC, which pumps about half the world39;s oil, will meet on Sunday. Two sources from the producer…