Oil Holds Gains as Market Speculates on Upcoming OPEC+ Meeting

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By Julia Fanzeres and Ilena Peng

November 29, 2022 at 12:09 AM UTC

Updated on

November 29, 2022 at 8:21 PM UTC

This article is for subscribers only.

Oil held onto gains as market uncertainty over OPEC’s upcoming decision on production tugged the price in opposite directions.

West Texas Intermediate rose 1.2% to settle above $78 Tuesday, after trading in a $3 range. Volatility was expected to rise in the days leading up to the meeting this weekend as traders search for any clue on how OPEC and its allies will respond to deteriorating market conditions for producers. The shape of the futures curve has flipped in recent weeks, signaling an oversupplied market.