Oil prices dipped on Friday in muted activity because of the U.S. Thanksgiving h...
LONDON - Oil prices dipped on Friday in muted activity because of the U.S. Thanksgiving holiday while OPEC watchers expect an extension to a pact to throttle oil output but no deeper cuts to be agreed by the producer group and its allies next week.
West Texas Intermediate futures CLc1 were flat at $58.11, tracing back earlier losses and on course for a fourth consecutive weekly increase. On a monthly basis, WTI is poised for a jump of about 7.3%, its highest since June. “We don’t get any strong bullish impulses for the OPEC meeting. They will continue the cuts and focus on compliance,” said SEB chief commodities analyst Bjarne Schieldrop.
“It is highly probable that the group will rollover the deal in its current form until at least the end of 2020, but we see limited scope for a new round of cuts,” Fitch Solutions said.
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