Commodities
Oil Steadies as OPEC Uncertainty Counters China’s Economic Gain
- China’s factory activity expanded a second month in November
- Potential OPEC output hike cannot be dismissed, Macquarie says
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Oil steadied as strength in the US dollar and lingering concerns that OPEC+ won’t delay its production hike undercut signs of a gradual recovery in China’s economy.
West Texas Intermediate crept marginally higher to settle above $68 a barrel as the dollar rose, making commodities priced in the currency less attractive. Brent was little changed below $72 a barrel.