Oil Prices Steady Amid OPEC+ Meeting, Strong Dollar and Economic Cues
Oil prices rose on Tuesday, with Brent crude expiring in February steady at $72.89 a barrel, and West Texas Intermediate (WTI) gaining 1.6% to $69.17 a barrel by 9:29 ET.
The market was cautious ahead of an OPEC+ meeting on December 5, with the cartel widely expected to further delay plans to increase production due to sustained weakness in oil prices and concerns over slowing demand.
Meanwhile, a strong dollar weighed on crude markets, with the currency shooting up after US President-elect Donald Trump threatened to impose steep tariffs on the BRICS group of nations.
Economic readings from the US are being closely watched for cues on the world’s biggest fuel consumer, with data due on Friday expected to offer more insight into a potentially cooling labor market and factor into the outlook for interest rates.
The Federal Reserve is set to speak this week, with markets uncertain over the long-term outlook for rates. While the bank is expected to cut rates by 25 basis points, there is uncertainty over the direction of future rate hikes.
