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Oil Slips Amid Slow Holiday Trade Before OPEC+ Meeting


Friday, 29 November 2019 18:25 WIB

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Oil prices dipped on Friday in muted activity because of the U.S. Thanksgiving holiday while OPEC watchers expect an extension to a pact to throttle oil output but no deeper cuts to be agreed by the producer group and its allies next week.

Brent crude futures were down 29 cents at $63.58 a barrel by 10:43 GMT, heading for their biggest monthly gain since April with a rise of about 5.6%.

West Texas Intermediate (WTI) futures were flat at $58.11, tracing back earlier losses and on course for a fourth consecutive weekly increase. On a monthly basis, WTI is poised for a jump of about 7.3%, its highest since June.

The dollar is poised to register its strongest month since July, making it more expense to buy oil.

Next week's meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, is also on investors' radar.

Source : CNBC


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