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Oil Closes Near Stability, Awaiting OPEC+

Bruno T
Macro
November 21 2023 10:02AM

The oil prices closed with no clear direction but close to stability, after having risen 6% in the last two sessions due to the expectation of further production cuts to be announced by OPEC+ over the weekend. This outlook remains, but the rally has stalled, at least for now.

Prices briefly dropped by a little over 1% after U.S. President Joe Biden stated that an agreement to release some Israeli hostages held by Hamas is imminent.

Between today and the weekend meeting, traders will have more data to guide their trades, such as the DOE data tomorrow. Additionally, there is the Thanksgiving holiday on Thursday, which is expected to reduce trading volume towards the end of the week.

At the close, the January Brent contract (CCOM:OILBRENT) rose by 0.16% to $82.45 per barrel on ICE. The January WTI (CCOM:OILCRUDE) declined by 0.08% to $77.77 per barrel on Nymex.