- WTI is down 56c to $40.78/Bbl, and Brent is down 53c to $43.29/Bbl
- Crude has pared some of yesterdays gains to start the morning, trading 1.15% lower
- OPEC's Joint Technical Committee (JTC) expects a slowdown in oil demand in 2021 and suggest prolonging supply cuts
- The CFTC reported that managed-money for WTI increased its net-bullish positioning
- OPEC+ panel suggest delaying output hike by three to six months (Bloomberg)
- The JTC said risks to the oil markets are skewed to the downside as a surge in coronavirus infections continue to threaten global demand
- OPEC+ is slated to return nearly 2 MMBbl/d in output to the markets beginning in January. The cartel is set to make a decision on whether the cuts should be extended between November 30, and December 1
- The CFTC reported that managed money net positioning has increased to (+) 290,486 contracts
- Long positions decreased by 2,255 contracts to a total of 358,666
- Short positions also decreased by 28,869 contracts to a total of 68,180