(Bloomberg) — Oil edged higher after the dollar weakened, with traders looking to Thursday’s OPEC+ meeting on production for direction.
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Brent crude traded around $72 a barrel after slipping 3% last week, with West Texas Intermediate above $68. The dollar notched its first weekly drop since September, making commodities priced in the currency more attractive, while OPEC and its allies delayed their meeting by four days.
Traders will look for clues on future policy at the gathering, where the group is widely expected to delay a slight increase of production for a third time. Crude has been trading in a tight range since mid-October, buffeted by geopolitical developments in the Middle East and Russia, the prospect of another Trump presidency, and a dour economic outlook in top importer China.
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