Nov 23 (Reuters) - Oil prices continued their downward trend on Thursday, dropping by approximately 1% amid growing expectations that OPEC+ might not deepen output cuts next year. This follows the postponement of the producer group's policy meeting.

Brent crude futures experienced a decline of 68 cents, or roughly 0.8%, settling at $81.28 per barrel by 2024 GMT after a significant drop of 4% on Wednesday. Similarly, U.S. West Texas Intermediate crude declined by 75 cents, or 1%, reaching $76.35 per barrel after experiencing a 5% drop in the previous session.

The unexpected decision from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, to delay the ministerial meeting initially scheduled for Nov. 26, has raised concerns regarding the possibility of deepening output cuts. Sources suggest that the disagreement among OPEC+ members is primarily linked to African nations, specifically Angola and Nigeria, which are aiming for higher oil output.

"We think Nigeria can be assuaged as the leadership values its longstanding OPEC membership and improving ties with Saudi Arabia," commented RBC Capital Markets analyst Helima Croft, indicating potential resolution in the disagreements among the member nations.

Despite the recent downturn in oil prices, some analysts believe that the market may rally next week once traders return from the Thanksgiving holiday. Phil Flynn, an analyst at Price Futures Group in Chicago, noted that the downward move seemed exaggerated and that a rebound could be expected.

Furthermore, concerns surrounding OPEC+ supply coincide with data revealing a significant increase of 8.7 million barrels in U.S. crude stocks last week, surpassing the 1.16 million build anticipated by analysts.

As the market continues to closely monitor developments within OPEC+ and assess the impact of global supply and demand dynamics, the forthcoming decisions and actions by the producer group will likely shape the direction of oil prices in the coming months.