- WTI is down 7c to $44.48/Bbl, and Brent is down 2c to $47.40/Bbl
- Oil is trading slightly lower (-0.5%) this morning, after having its worst day in over two weeks
- OPEC+ and its allies are continuing informal negotiations, seeking to reach an agreement before the group's next scheduled meeting on Thursday, December 3
- The American Petroleum Institute reported a build of 4.1 MMBbls last week, well above analysts' expectations of 2.4 MMBbls (Reuters)
- OPEC+ is scheduled to meet tomorrow to reach an agreement to extend oil output cuts as coronavirus cases continue to threaten demand
- The cartel's standing agreement would return over 1.9 MMBbl/d to market beginning in January
- Tensions flared during Monday's meeting as the UAE aired grievances with the current output quota, and the increase in non-OPEC production that threatens the cartels market share, according to Bloomberg
- EIA weekly data is due at 9:30 am CST
- S. Crude Inventories: - 1,900 MBbls (Avg. Bloomberg surveys)
- S. Gasoline Inventories: + 1,554 MBbls
- S. Distillate Inventories: — 1,092 MBbls
- S. Refinery Utilization: + 0.63% change