Oil prices fluctuate due to hesitance from OPEC, potential cuts, and China's weakening demand

From Investing.com: 2024-11-12 09:51:00

Oil prices are fluctuating due to mixed signals from OPEC and optimism from the Trump economy. OPEC is hesitant to bid despite low global supplies, leading to potential cuts at the December 1st meeting. Cheating members are improving compliance, but OPEC demand predictions have fallen for the fourth consecutive month. China’s weakening demand is a major factor. Despite this, crack spreads suggest minimal downside for oil. OPEC is concerned about losing market share to the US, which saw low crude imports but high exports in October. Overall, oil prices may see a bottom soon, but remain volatile.



Read more at Investing.com: The Energy Report: OPEC PESIMIMIST