Crude Oil Futures Hold Steady Amid OPEC+ Countdown
Across last week, oil prices parked at a stable range. Traders are keeping their eyes peeled for the words that will emerge from the OPEC+ summit this weekend.
Middle East Setback Over
The recent cease‑fire Accord between Israel and Hezbollah has eased fears about supply snarls from the region. That relief chips away at the price push.
Demand Growth on a Slowed Trajectory
Economic powerhouses like the U.S. and China are witnessing a quietening in fuel consumption. This slowdown dampens the bullish sentiment and suggests a near‑term bearish flag for global crude.
What Is OPEC+ Tuning In?
- Talks are geared toward holding off the planned production hike that was slated to kick off in January.
- While most market voices anticipate a delay, the actual length of that pause will be the pivot. A protracted postponement could buoy the market in the medium run by tightening supply.
Geopolitical Twist
Iran stands as a potential wildcard. If sanctions bite or the cease‑fire unravels, the country’s output could wobble, adding another layer of uncertainty.
Market Activity Slows With Thanksgiving
As the U.S. gears up for the Thanksgiving holiday, trading volumes stay lukewarm, leaving oil prices largely parked within a tight band.
