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Crude Holds Onto Gains, Moving With USD Ahead Of OPEC Meeting

OIL

Oil prices have moved with the greenback today holding onto Tuesday’s gains. They are off their early session highs to be little changed on the day as the market waits for Thursday’s OPEC+ meeting. There remains a lot of uncertainty re the outcome as a deal on quotas still seems to be elusive. Some countries have said they want an agreement in place before the meeting, so it could be delayed again.

  • Brent is flat at $81.44/bbl after reaching a low of $81.35. WTI is up 0.2% to $76.55 after a low of $76.41. It approached $77 earlier, while the USD was falling, making a high of $76.98. The USD index is down 0.1% but off its intraday low.
  • Later the official EIA US inventory data is released. Bloomberg reported that API data showed a 817k barrel stock drawdown in the latest week with gasoline down 898k but distillate up 2.8mn, according to people familiar with the data.
  • Later the Fed publishes its Beige Book and Mester speaks. In terms of data, there are US October trade numbers, inventories and updated Q3 GDP. The November euro area EC economic sentiment survey is also out. The OECD also publishes it updated outlook.
Energy BulletsCommodities
Energy BulletsCommodities

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