Markets Looking at U.S. GDP and OPEC

Traders are watching for any surprises in revised third-quarter GDP data Tuesday and are keeping an eye on the oil market ahead of OPEC’s meeting later this week.

Stocks ended higher Monday, and oil prices were lower in U.S. trading with WTI crude falling 73 cents to $75.78 a barrel, ahead of Thursday’s OPEC meeting.

“What I think is going to happen is slightly better than even chance, call it 60 percent that they do a meaningful and widely shared cut. We’re saying a million barrels a day in real crude and that could be 1.5 million barrels a day in quotas,” said Michael Wittner, global head of oil market research at Societe General.

CNBC

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