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Oil Prices Slip in Quiet Day, Set for Weekly Gain as OPEC Expects to Extend Cuts

Investing.com - Oil prices slipped on Friday in Asia, but are set for a weekly gain ahead of a key OPEC+ meeting next week. Trading volume was reduced due to the U.S. Thanksgiving Holiday.

A Bloomberg survey showed OPEC and its allies are expected to extend the current supply cut agreement. A deeper reduction is unlikely, however, according to the survey.

OPEC and its partners will meet in Vienna from Dec. 5 to 6 to decide on policy going forward.

U.S. Crude Oil WTI Futures slipped 0.2% to $58.00 by 11:30 PM ET (03:30 GMT). Despite the loss today, prices are up 0.4% this week and gained around 7% in November.

International Brent Oil Futures declined 0.5% to $62.98.

On the Sino-U.S. trade front, tensions intensified after U.S. President Donald Trump signed into law two bills that back anti-government protesters in Hong Kong. China repeated its condemnation of the move and said it would take “firm countermeasures” in response, but has taken no action so far.

The news cast doubt on the potential “phase one” trade deal between the two nations, which are the world’s biggest oil importers.

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