- Crude prices remain under pressure Monday.
- OPEC + will reportedly continue to discuss production cuts on Tuesday.
- WTI is up more than 25% in November.
Crude prices they are still on track to end the last day of November in negative territory as investors await OPEC + decision on production strategy. At time of writing, a barrel of West Texas Intermediate is trading at $ 44.85, down 1.5% on the day. Additionally, profit-taking could be putting additional weight on the WTI, which increased more than 25% in November.
Eyes on OPEC’s decision on production cuts
Citing three OPEC + sources familiar with the matter, Reuters reported Monday that OPEC will continue to discuss production cuts on Tuesday and try to reach a consensus with non-OPEC producers. “The 180th Meeting of the OPEC Conference has ended for today,” OPEC said in a statement. “The delegations of the Member Countries will meet again for future deliberations tomorrow (December 1).”
Hours earlier, Algerian energy minister Abdelmadjid Attar said that OPEC members agreed to extend the current production cut by three months, noting that they will try to convince non-OPEC producers.
Meanwhile, the monthly report released by the US Energy Information Administration on Monday showed that total US oil demand in September was 6.8%, or 6,240,000 barrels per day, lower than the last year and put extra weight on WTI.
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