Oil prices fell slightly in early trading on Tuesday, November 12, ahead of OPEC’s monthly report. The stability comes after sharp declines in prices in the previous two sessions, attributed to China’s smaller-than-expected stimulus plan and concerns about oversupply.
Brent crude futures fell 16 cents to $71.64 a barrel, while U.S. West Texas Intermediate crude futures rose 20 cents to $67.84.
China on Friday announced a 10 trillion yuan ($1.40 trillion) debt package to support the economy, but analysts said it was not enough to significantly stimulate growth.
OPEC's monthly report, due later today, is expected to influence the direction of oil prices. The organization's forecast for 2025 is expected to indicate a decline in oil demand, which could add pressure on prices.
In a related context, the US dollar rose yesterday, making dollar-denominated commodities, such as oil, more expensive for holders of other currencies. This rise comes as markets await US inflation data and statements by Federal Reserve officials this week.
