- Oil falls more than $3 to $74.58 after OPEC delays meeting
- The API is forecasting a 9.1 MMBbl inventory build in the US, which would be the ninth consecutive storage build
- Israel has approved a four-day ceasefire with Hamas in exchange for the release of hostages
- OPEC meeting delayed (BBG)
- OPEC has pushed its November 26 meeting to November 30 without giving a reason for the delay
- Discussions have run into trouble due to Saudi Arabia’s dissatisfaction with other member's production levels
- The market is closely watching moves from OPEC and whether its supply cuts will be extended or deepened in 2024
- Oil trader and hedge fund manager Pierre Andurand said, “The Saudis will probably want the other countries to cut as well, so I think it's going to be a negotiation.”