Oil is heading for a fourth weekly gain, the longest winning streak since April, before a key OPEC+ meeting next week that will set the path for future production cuts.
Futures were steady near $58 a barrel in New York as the U.S. Thanksgiving Holiday reduced trading volumes. Saudi Arabia is likely to signal at the Vienna gathering that it’s no longer willing to compensate for the non-compliance of other members, according to people familiar with the kingdom’s thinking. OPEC and its allies are expected to extend the current supply pact, rather than deepen reductions, according to a Bloomberg survey.
West Texas Intermediate for January delivery lost 7 cents to $58.05 a barrel on the New York Mercantile Exchange as of 10:18 a.m. Singapore time. There was no settlement Thursday due to the holiday in the U.S. and all transactions will be booked with Friday. Prices are up 0.5% this week and 7.1% higher in November.
Brent for January settlement dropped 7 cents to $63.80 a barrel on the London-based ICE Futures Europe Exchange, easing for a third day. The contract is up 0.7% this week, also heading for a fourth weekly advance. The global benchmark crude traded at a $5.69 premium to WTI.
Source : Bloomberg