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OIL: Crude Down Slightly On Light Trading With Focus On OPEC Meeting

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Oil prices are moderately lower today after being little changed on Wednesday as trading is light going into the Thanksgiving holiday. WTI is down 0.2% to $68.56/bbl, close to the intraday low, after a high of $68.86 early in the session. Brent is 0.2% lower at $72.68/bbl, also close to the trough. With a number of factors currently influencing markets, oil prices have been range trading and have found little support from the softer US dollar. The USD index is little changed today.

  • The focus for oil markets is now firmly on the weekend’s OPEC meeting. It has already delayed its planned reduction in output cuts twice and is expected to do so again given the forecast market surplus and strong non-OPEC output in 2025. The group is likely to put a timeframe on another delay rather than leaving it open ended, a scenario that would support prices.
  • The impact of the Trump administration on the US’ and Iran’s oil supply is also highly uncertain. The soft demand outlook for China remains a concern.
  • The US is closed for Thanksgiving. ECB’s Lane and Elderson speak. On the data front, there are preliminary Spanish/German November CPIs, November Euro Commission survey and October euro area M3/lending.
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Oil prices are moderately lower today after being little changed on Wednesday as trading is light going into the Thanksgiving holiday. WTI is down 0.2% to $68.56/bbl, close to the intraday low, after a high of $68.86 early in the session. Brent is 0.2% lower at $72.68/bbl, also close to the trough. With a number of factors currently influencing markets, oil prices have been range trading and have found little support from the softer US dollar. The USD index is little changed today.

  • The focus for oil markets is now firmly on the weekend’s OPEC meeting. It has already delayed its planned reduction in output cuts twice and is expected to do so again given the forecast market surplus and strong non-OPEC output in 2025. The group is likely to put a timeframe on another delay rather than leaving it open ended, a scenario that would support prices.
  • The impact of the Trump administration on the US’ and Iran’s oil supply is also highly uncertain. The soft demand outlook for China remains a concern.
  • The US is closed for Thanksgiving. ECB’s Lane and Elderson speak. On the data front, there are preliminary Spanish/German November CPIs, November Euro Commission survey and October euro area M3/lending.