Oil market awaits OPEC 30 Nov

Oil prices were little changed on Thursday during Thanksgiving this holiday trade.

Markets are waiting for next week's meeting of the Organization of the Petroleum Exporting Countries (OPEC) where members will get together to discuss procedures for a potential accord and the implementation of its proposed cap on production. This uncertainty is driving the price and the DXY is playing a major roll as well with the Fed Dec rate hike hype.

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DXY inter-markets: consolidation appears likely

Today, Brent crude futures finished up 5 cents at $49.00 a barrel while U.S. West Texas Intermediate (WTI) crude was up 2 cents at $47.73 the high from just 50c lower the low.

OPEC and Russia will meet on November the 30th to coordinate the cut agreed in Algiers in September. However, there are 13 countries participating, but an Iranian rejection would likely put an end to the deal and this is a major concern weighing on the price of oil.