Oil prices slip in quiet Day, set for weekly gain
Multinational Atrush
A Bloomberg survey showed OPEC and its allies are expected to extend the current supply cut agreement. A deeper reduction is unlikely however, according to the survey.
OPEC and its partners will meet in Vienna from Dec. 5 to 6 to decide on policy going forward.
US Crude Oil WTI Futures slipped 0.2% to $58.00 by 11:30 PM ET (03:30 GMT). Despite the loss today, prices are up 0.4% this week and gained around 7% in November.
International Brent Oil Futures declined 0.5% to $62.98.
On the Sino-US trade front, tensions intensified after the US President Donald Trump signed two bills that back anti-government protesters in Hong Kong into law. China repeated its condemnation of the move and said it would take “firm countermeasures” in response, but has taken no action so far.
The news casted doubt on the potential “phase one” trade deal between the two nations, which are the world’s biggest oil importers.
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