Brent oil declined amid investor speculation about the likelihood of OPEC making a production cut next week. West Texas Intermediate crude was little changed in New York.
The outcome of the meeting of the Organization of Petroleum Exporting Countries hinges on the Nov. 24 deadline for talks on Iran’s nuclear program, Helima Croft, chief commodities strategist at RBC Capital, said in a note. Iran is seeking a deal with world powers that includes the easing or lifting of economic sanctions. The Iran talks and OPEC meeting are both taking place in Vienna.
“There’s an established bearish trend and nothing out there to stand in the way of a further move lower,” Tim Evans, an energy analyst at Citi Futures Perspective in New York, said by phone. “I don’t think you’ll see aggressive position taking before the OPEC meeting. Volatility should be low.”