Crude Oil Retreated as Traders Awaited OPEC/ non-OPEC Announcement

Oil trading was volatile as the 2-day OPEC/non-OPEC meeting began. While the rally over the past few weeks was hinged on hopes of an extension of the output cut deal, nothing has guaranteed. In particular, the attitude from Russia has been ambiguous. While the country has indicated the intention to maintain oil price stability, it has also noted that it might raise supply in the coming year (depending on OPEC’s future action).

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Crude Oil Retreated as Traders Awaited OPEC/ non-OPEC Announcement