Oil Stays in Tight Range as OPEC+ Meeting Remains Key Focus
Oil was little changed as traders watched for clues on OPEC+’s supply plans ahead of a key meeting this Thursday.
West Texas Intermediate traded near $68 a barrel after ending modestly higher on Monday, with Brent crude closing below $72. Traders still expect the producer group to further delay restoring some production due to concerns of a glut next year.
Oil initially rose on Monday on signs of a gradual economic recovery in China, the biggest importer, before paring gains as the dollar strengthened, reducing the appeal of commodities. Futures have been trading in a range of a little more than $6 since mid-October, buffeted by geopolitical developments in the Middle East and Russia and the demand outlook in China.
WTI for January delivery was little changed at $68.12 a barrel at 7:36 a.m. in Singapore.
Brent for February settlement closed 1 cent lower at $71.83 a barrel.
Source : Bloomberg