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Oil prices have largely settled after yesterday's rally as the market takes on conflicting OPEC+ headlines.
- The WSJ note that Saudi Arabia and Russia are both considering a pause in increasing oil production, more than offsetting the UAE pushing to continue with the agreed hikes next week.
- On the flip side, Reuters more broadly has three sources saying that OPEC+ is not discussing for now the pausing of oil output increases.
- Separately, US crude oil inventories unexpectedly rose 1.02mln bbls in the latest week. The SPR meanwhile fell by 1.6mln bbls, but wasn't linked to the reserve release discussed yesterday as that's due from December.
- WTI has dipped -0.3% at $78.28, floating between the $80.68 (Nov 16 high) required for strengthen short-term conditions for bulls and the key short-term support of $74.76 (Nov 22 low).
- Brent futures fare a little better, down -0.2% at $82.18 but closer to the resistance level of $83.14 (Nov 16 high). After this, the first major resistance level would be met at $85.77.
- No US data tomorrow with Thanksgiving.