Oil prices were little changed in early Asia trade on Wednesday as market participants weighed higher U.S. crude oil and fuel inventories as well as the likelihood of OPEC+ extending supply cuts.
OPEC oil output rose for a second month in November as Libya's production recovered after resolution of a political crisis, a Reuters survey found, though members making cuts pledged to the wider OPEC+ alliance kept output broadly steady.
The crude oil market continues to see a lot of motion back and forth, but nothing of substance. At this point in time, the market is looking for some reason to get moving in one direction or another.
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Oil prices inched down amid mixed market signals on Tuesday, with traders awaiting the outcome of an OPEC+ meeting this week.
Oil rose in early Asian trade. Markets were in a “wait-and-watch mode” ahead of the OPEC+ meeting this week, ANZ Research said.
WTI crude oil is consolidating within a triangle pattern and remains bearish, while the US Dollar shows strength.
OPEC+ is likely at its meeting on Thursday to extend its latest round of oil output cuts until the end of the first quarter, four OPEC+ sources told Reuters, to provide additional support for the oil market.
The crude oil market continues to see a lot of sideways action. The markets rallied a bit in the early hours of Monday, but ultimately, there is no real sign of anything changing soon.
Oil futures rose on Monday, bouncing after losing ground in a choppy November in response to a cease-fire between Israel and Iran-backed Hezbollah.