Oil prices were trading lower early on Wednesday morning as the market awaits the outcome of the upcoming OPEC+ meeting.
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“The market will be eager to see if there are any signs of a change in the group’s output policy, given the recent strength in the market. We do not believe that the group will change its output policy,” ING’s Warren Patterson "A resilient labour market is deemed to be providing more room for the Federal Reserve to keep rates high for longer," Reuters“Oil’s downward move has very little to do with fundamentals and all to do with rising Treasury yields and the stronger U.S. dollar,” Warren Patterson, head of commodities strategy at ING, said asby Bloomberg on Tuesday. “I still think oil has some room to move higher. Fundamentally, it is looking constructive.
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