Oil Futures Lower as OPEC Meeting Approaches

Crude oil futures are lower after five weeks of declines with markets looking to Thursday’s meeting of OPEC and its allies for some clarity on production plans. Oil for January delivery is down 0.9% at $74.88 a barrel, but above the recent low of $72.16 on Nov. 16 that followed an outsized build in US crude stockpiles. Prices were pressured last week when OPEC delayed its meeting to Nov. 30 amid reports of disagreement among African members, and then said the meeting will be held online. “The market remains technically weak ahead of this week’s OPEC meeting,” Peter Cardillo, chief market economist at Spartan Capital, says in a note. “We think this week’s gathering by OPEC+ members will result in even lower prices as the group remains splintered.”