OPEC Meeting on Supply and Pricing May Not Really Move the Needle in Crude

Trade in crude has been relatively quiet leading up to the OPEC meeting on November 27. If OPEC cuts oil production in a bid to lift prices, U.S. producers will likely increase production, further contributing to the supply glut. If OPEC continues to pump away, oil prices could continue to fall. Jeff Grossman of BRG Brokerage tells TheStreet's Jill Malandrino he does not expect much out of OPEC and while many traders have a gloom and doom attitude towards it, oil should hold its ground from here and possibly move a bit higher. Most of the bad news has been factored into the price and you are already starting to see product draw down.