Oil down by a little over 2% to around $44.50 currently


OPEC ministers will be convening later today at 1300 GMT to decide on output cuts with a three-month extension expected to be the end result.

That said, the backdrop going into the meeting has been made a little more complicated following the JMMC consultations that took place yesterday.

It is reported that there is seemingly no consensus among the bloc yet for the extension with some countries still seeking an easing to the current output cuts.

That sets the tone at the moment, with the UAE also still acting out after threatening to leave the bloc and not deciding on what production policy they will support going into the meetings over the next two days.

As for oil, it is now breaching its 100-hour moving average at $44.84 and that gives sellers some near-term control with price also testing the Friday low of $44.54 currently. The 200-hour moving average is seen further away at $43.35.