• Home
  • Analytics
  • Market News
  • WTI trades close to $78.00 in thin liquidity amid US market closures, next week's OPEC+ meetings eyed

Market news

25 November 2021

WTI trades close to $78.00 in thin liquidity amid US market closures, next week's OPEC+ meetings eyed

  • Oil markets are subdued on Thursday amid thin liquidity conditions. 
  • WTI has been trading close to the $78.00 level. 

Oil markets are unsurprisingly subdued on Thursday amid thin liquidity conditions due to US market closures for Thanksgiving. Front-month WTI futures have spent most of what has thus far been a very quiet session ranging in the low-$78.00s/just under $78.00 area, with prices remaining well within recent ranges. Futures trade will halt at 1800GMT and then restart at 2300GMT. Ahead of the market closure, conditions are likely to remain subdued, especially once any remaining European market participants depart after European market closures from 1630GMT.

In terms of fresh fundamentals, the most notable development on Thursday was reports that the US continues to exert pressure on Russia to increase output. The news had little effect on crude oil markets at the time but might be a sign that the Biden administration remains frustrated with its inability to push prices lower. That might mean further reserve releases are on the cards. The main focus for markets remains the response by OPEC+ officials to this week’s oil reserve release announcement from the US and other major consumers.

A Wall Street Journal report on Wednesday suggested that Russia and Saudi Arabia, the two OPEC+ nations who produce the most oil each day, were mulling halting the cartel’s preplanned output hikes in December. But Reuters, citing three sources, subsequently reported that OPEC+ is not discussing slowing output hikes. The organisation meets next week.

Elsewhere, oil markets have broadly ignored pandemic updates. In terms of the latest with regards to the European Covid-19 outbreak and government response; health experts in the Netherlands have reportedly advised that the government order a closure of restaurants and non-essential stores. Outgoing German Chancellor Angela Merkel, meanwhile, has again reiterated her call for tighter restrictions, saying that every day counts to slow the spread. Her calls come after Italy on Wednesday approved new curbs on unvaccinated individuals.

 

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

Open Demo Account
I understand and accept the Privacy Policy and agree that my name and contact details can be used by TeleTrade to contact me about the information I have selected.
23 International Awards
Have a question?

We are ready to assist you in every step of your trading experience
by providing 24/5 multilingual customer support.

Follow us

Risk Warning: Trading Forex and CFDs on margin carries a high level of risk and may not be suitable for all investors. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Prior to trading, you should take into consideration your level of experience and financial situation. TeleTrade strives to provide you with all the necessary information and protective measures, but, if the risks seem still unclear to you, please seek independent advice.

© 2011-2021 Teletrade-DJ International Consulting Ltd

Teletrade-DJ International Consulting Ltd is registered as a Cyprus Investment Firm (CIF) under registration number HE272810 and is licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 158/11.

The company operates in accordance with the Markets in Financial Instruments Directive (MiFID).

The content on this website is for information purposes only. All the services and information provided have been obtained from sources deemed to be reliable. Teletrade-DJ International Consulting Ltd ("TeleTrade") and/or any third-party information providers provide the services and information without warranty of any kind. By using this information and services you agree that under no circumstances shall TeleTrade have any liability to any person or entity for any loss or damage in whole or part caused by reliance on such information and services.

TeleTrade cooperates exclusively with regulated financial institutions for the safekeeping of clients' funds. Please see the entire list of banks and payment service providers entrusted with the handling of clients' funds.

Please read our full Terms of Use.

To maximise our visitors' browsing experience, TeleTrade uses cookies in our web services. By continuing to browse this site you agree to our use of cookies.

Teletrade-DJ International Consulting Ltd currently provides its services on a cross-border basis, within EEA states (except Belgium) under the MiFID passporting regime, and in selected 3rd countries. TeleTrade does not provide its services to residents or nationals of the USA.

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Choose your language/location