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Crude Extends Losses

OIL

Crude front month broke through lows seen earlier in the session, helped by easing risks from the Mideast conflict with the planned start of the ceasefire from Friday morning. The delay to the OPEC+ meetin amid disagreement on output assessment from African nations droves Brent front month to a low of $78.41/bbl on Thursday.

    • Brent JAN 24 down -2% at 80.34$/bbl
    • WTI JAN 24 down -2.1% at 75.48$/bbl
  • QATAR: ISRAEL-HAMAS TRUCE TO START FRIDAY 7:00 AM LOCAL TIME. The ceasefire was initially planned to start on Thursday, but a statement by the National Security Council through the Israeli prime minister’s office on 22 Nov stated that the release of hostages, and therefore a temporary pause in fighting, would not happen until Friday 24 Nov.
  • OPEC also announced it will hold its upcoming meetings virtually. The 187th Meeting of the OPEC Conference, the 51st Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 36th OPEC and non-OPEC Ministerial Meeting (ONOMM) will convene virtually on Thursday, 30 November 2023, OPEC said in a statement.

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