Hope everyone had a wonderful Thanksgiving. Let the calorie burning begin.
Not much to digest in the way of market-driving news. A stronger dollar and continuing oversupply of worldwide oil supplies is putting pressure on prices today, as WTI was down a bit over a dollar ($41.99/bbl) and heating oil was down approximately four-and-a-half cents ($1.3579) as of noon ET.
OPEC meets next week (Dec. 4) in Vienna. Iran has indicated it will be announcing plans to increase production by 500,000 bbl/day. Bloomberg says analysts and traders it surveyed are expecting OPEC to continue its strategy of defending market share by maintaining production. “Oil market oversupply will continue through next year, due to resilient U.S. production, even if it is declining, and high OPEC output led by Saudi Arabia and Iraq,” said Michael Wittner, chief oil analyst at Société Générale.