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Oil muted, eyes are on OPEC+ meeting

By Rana Gharib
30 Nov,2023
Oil muted, eyes are on OPEC+ meeting

On Thursday, oil prices barely moved as investors exercised caution ahead of the OPEC+ group's anticipated production curbs and as slower-than-projected Chinese manufacturing data highlighted the world's second-largest economy's weakening development.

Brent crude added 0.2% to $83.23 per barrel meanwhile US WTI ticked up by 0.2%, at $78.03 per barrel.

On Thursday, OPEC+ members are scheduled to gather to discuss policies. Additional output cuts were the main topic of discussion before to the meeting, though specifics had not yet been decided.

An official factory survey released on Thursday revealed that, for the second consecutive month and more quickly than anticipated, manufacturing output in China shrank in November. This suggests that additional policy support measures are required to assist sustain economic development in the world's top oil importer.

PMI remained below the 50-point threshold separating growth from contraction in November, dropping to 49.4 from 49.5 in October. Reuters polled analysts, and they predicted a reading of 49.7.

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