On the news side, OPEC+ officially announced that the meeting to be held on November 30th will be changed to an online meeting.Regarding the rumors of discord within OPEC, the representative of Nigeria said that he did not know that there were differences within OPEC+, and he was satisfied with the survey results on Nigeria's production plan. Angola stated that it does not intend to withdraw from OPEC+.
OPEC+ is approaching a compromise with African oil-producing countries on production levels in 2024.There are various signs that a new round of production cuts may be coming.
As can be seen from the chart, oil rose again after falling yesterday, and today it also fluctuated narrowly, indicating that oil is still waiting to choose the direction, but recently it is unwilling to fall.
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Cautious traders can wait for next week
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After the oil fell, it rose again. I judge that the funds have expectations for the OPEC+ meeting to continue the delay in oil reduction.
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