Oil Prices Stabilize Ahead of OPEC Meeting – 4 December, 2019

Oil prices dipped ahead of an OPEC meeting this week, shedding gains made the previous session. After rising by 3.6% on Wednesday, international benchmark Brent crude futures fell 10 cents or 0.2% to $62.90 per barrel. U.S. West Texas Intermediate dipped 0.4% or 22 cents to $58.21 per barrel after rising as much as 4.2% the previous session. Prices were affected on news that the U.S. – China trade deal would be delayed and on falling U.S. crude inventories, but have now stabilized near last weeks numbers. Since 2017, OPEC has worked to curb global production, with expectations of further cuts, roughly 300,000- 400,000, to be pitched at this weeks meeting.