Oil prices were steady on Friday in quiet trade with the U.S. Thanksgiving holid...
TOKYO - Oil prices were steady on Friday in quiet trade with the U.S. Thanksgiving holiday underway, while investors awaited a meeting of OPEC and its allies next week that may result in the extension of a production cut agreement to support the market.
Next week’s meeting of the Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, is high on investors’ list of things to watch. The group has been withholding output to support prices and analysts expect the agreement to be extended as U.S. production keeps hitting records.
Still, “risk-neutral is an excellent spot to be ahead of the weekend as there is a ton of headline risk that could upset the apple cart,” Innes said.
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