Crude prices are static on uncertainty over planned output cut
On Thursday, crude prices were little changed, as uncertainty ahead of a planned OPEC-led crude output cut as well as thin liquidity because the American Thanksgiving holiday kept market participants from making big new bets on markets.
International Brent crude futures were trading at $48.90, tumbling 5 cents from their last close. American West Texas Intermediate crude futures were at $47.94 per barrel, descending 2 cents from their last settlement.
Investors told that market activity was low due to the American holiday, and also there was a reluctance to take on big price directional bets because of uncertainty as for a planned crude production cut, led by the Organization of the Petroleum Exporting Countries.
OPEC is due to have a meeting on November 30 to coordinate a cut together with non-OPEC member Russia, though there’s also disagreement within the producer cartel as to which member states needs to cut and by how much.