Oil gives back gains, turns negative

Oil started the week strongly and was up $1.20 early in US trading.

It’s since given it all back and is now down $0.10 to $67.86. This would be the fifth consecutive day of declines for oil prices, which are at the lowest since November 18.

The OPEC+ meeting originally scheduled for Sunday has been delayed to Dec 5 and there are some worries about tensions within the group, particularly from the UAE which has been investing in expanding production. There is talk they could extend curbs through Q1 but I suspect that’s the minimum that the oil bulls need to hold support in the $65 range.

This article was written by Adam Button at www.forexlive.com.