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 12 cents, or 0.2%, to $57.99 a barrel on the New York Mercantile Exchange as of 2:18 p.m. in Singapore. There was no settlement Thursday due to the U.S. holiday and all transactions will be booked Friday. Prices are up 0.4% this week and are around 7% higher in November.
Brent for January settlement dropped 0.4% to $63.61 a barrel on the London-based ICE Futures Europe Exchange, declining for a third day. The contract is up 0.3% this week, also heading for a fourth weekly advance. The global benchmark crude traded at a $5.62 premium to WTI.
Source : Bloomberg