This is the Crude Oil Price Movement at the beginning of the week

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 Black commodity trading opened slightly lower at the beginning of the week ahead of the OPEC + Joint Ministerial Monitoring Committee meeting (JMMC) today, apart from being shown by the lackluster reading of economic data from China.


US WTI crude futures traded at $ 40.98 a barrel, while Brent crude was at $ 42.76 a barrel.


Today's JMMC meeting is expected to see discussions on the issue of compliance with production cuts by several producing countries and concerns over a new wave of Covid-19 outbreaks across the country affecting recovery efforts.


However, discussions on OPEC +'s commitment to the demand for delayed production cuts will be held in a meeting involving all OPEC members on 30 November.



Earlier it was reported that OPEC + plans to ease production cuts in January, from 7.7 million barrels a day to 5.8 million barrels a day.


Meanwhile, China's economy continued to show recovery in the third quarter with 4.9% growth. However, this reading slightly disappointed market expectations projecting a growth of 5.2%.


Nevertheless, China's economy as a whole is still showing steady growth, supported by positive readings from other encouraging economic data especially in the manufacturing, export, consumer spending sectors.

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