Oil prices have dribbled just a little lower in Asia trade.

The move is very small ahead of the OPEC+ meeting later today:

  • OPEC + is the Organization of Petroleum Exporting Countries and its allies such as Russia
  • Scuttlebutt on the meeting outcome has focused on potential additional production cuts

As we head into the meeting demand concerns have rekindled from the China data:

On the supply front the U.S. Energy Information Administration data on Wednesday reported a surprise build in US crude oil and distillate fuel stocks:

This too points to likely softer demand.

oil opec meeting 30 November 2023