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- Oil dropped after OPEC meeting
Oil dropped after OPEC meeting
West Texas Intermediate futures for January delivery is currently at $37.70 (+0.13%), while Brent crude is at $40.94 (+0.52%). Prices climbed slightly after heavy losses in the previous session, but remained under pressure amid persistent global supply glut. Concerns over excessive supplies rose after OPEC failed to come up with a plan to support prices at the cartel's meeting on December 4. OPEC was expected to stick to its current strategy and maintain output; however both types of crude still fell as investors prepared for a longer period of low prices.
Investors are waiting for the upcoming Federal Reserve meeting scheduled for December 15-16. Strong jobs data released on Friday intensified expectations for a rate hike in the U.S. Higher rates would boost the dollar and make the dollar-denominated commodity more expensive for customers using other currencies. This could suggest softer prices.
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