What to watch in markets on Tuesday, November 29, 2022.
(Bloomberg) -- Oil rose for a third day after industry data pointed to a substantial draw in US crude stockpiles and investors counted down to an OPEC+ meeting that will be held virtually this weekend.Most Read from BloombergScientists Revive 48,500-Year-Old ‘Zombie Virus’ Buried in IceThese Are the Best and Worst Cities for Expats to Live and Work InBanks Stuck With $42 Billion Debt Seize Chance to Offload ItThis Is Where Luxury Property Prices May Rise and Fall the Most in 2023NYC Becomes One
The OPEC+ decision to hold its Dec. 4 meeting virtually signals little likelihood of a policy change, a source with direct knowledge of the matter told Reuters on Wednesday. A virtual meeting also puts the focus on the pending European Union deal on a price cap on Russian oil ahead of a Dec. 5 deadline imposed by the bloc for a full embargo on purchases of Moscow's seaborne crude. "OPEC+ would rather sit on the bench at this time and assess the outcome of what happens on Monday," the source added.