Oil Sees Marginal Recovery Amid OPEC+ Speculation

Oil Sees Marginal Recovery Amid OPEC+ Speculation

Dear Ajeet,

Oil prices experienced a slight uptick following a series of declines as the market grapples with the potential for deeper production cuts from OPEC+ against indications of supply outpacing demand.

With West Texas Intermediate hovering close to $75 per barrel and Brent near $80, WTI briefly saw an uptick after reports suggested Saudi Arabia, a significant player in the alliance, was urging other members to decrease their production quotas. However, it closed down by 0.9% on Monday.

Analysts at Saracen Markets revealed that nearly half of them anticipate OPEC+ taking additional steps to tighten the market. Oil prices have undergone a roughly 20% drop since late September due to ample supplies and concerns about the global economic landscape. This has amplified the pressure on the 23-nation alliance to intervene during its meeting scheduled for Thursday.

Events Calendar

Monday, Nov. 27

• New home sales (October)

Tuesday, Nov. 28

• S&P Case-Shiller Home Price Index (September)
• Consumer confidence (November)

Wednesday, Nov. 29

• Q3 U.S. Gross Domestic Product (GDP) (first revision)
• Advanced U.S. trade balance in goods (October)
• Advanced wholesale inventories (October)
• Advance retail inventories (October)
• Federal Reserve Beige Book 

Thursday, Nov. 30

• Initial jobless claims (week ending Nov. 25)
• Personal Consumption Expenditures (PCE) Index (October)
• Pending home sales (October)

Friday, Dec. 1

• ISM manufacturing (November)
• Construction spending (October)
• Auto sales (November)

For a comprehensive understanding of the market's outlook as provided by our esteemed analysts, we kindly invite you to visit our website.