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Indonesia News Portal for Traders | Financial & Business Updates

3 December 2024 07:00  |

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

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