WTI remains deep in red below $45 as OPEC meeting ends with no agreement on output cuts
- Crude oil prices remain under pressure on Monday.
- OPEC+ will reportedly continue to debate output cuts on Tuesday.
- WTI is up more than 25% in November.
Crude oil prices remain on track to end the last day of November in the negative territory as investors await the OPEC+ decision on output strategy. As of writing, the barrel of West Texas Intermediate was trading at $44.85, losing 1.5% on a daily basis. Additionally, profit-taking could be putting additionally weight on WTI, which is up more than 25% in November.
Eyes on OPEC decision on production reductions
Citing three OPEC+ sources familiar with the matter, Reuters reported on Monday that OPEC will continue to debate output cuts on Tuesday and will try to reach consensus with Non-OPEC producers. "The 180th Meeting of the OPEC Conference has adjourned for today," OPEC noted in a statement. "Member Country delegations will reconvene for further deliberations tomorrow (December 1)."
Earlier in the day, Algeria's energy minister, Abdelmadjid Attar, said that OPEC members have agreed to extend the current output cut by three months and noted that they will try to convince non-OPEC producers.
Meanwhile, the monthly report published by the US Energy Information Administration showed on Monday that the US' total oil demand in September was 6.8%, or 6240,000 barrels per day, lower than last year and put additional weight on WTI.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
