Under the spell of the OPEC (meeting) - Commerzbank

Oil prices are likely to tread water until the OPEC meeting at the end of this month, with hopes of production cuts offsetting news about excess supply, according to Barbara Lambrecht, analyst at Commerzbank.

Key Quotes

“Hopes of a "forceful" production cut agreement have driven the price of Brent oil back into its old trading range between USD45 and USD50 a barrel, where it is likely to remain during the shortened US trading week (Thanksgiving). After all, news of abundant supply will be offset by "chances" of production cuts until the OPEC meeting at the end of November.”