WTI crude futures gave up most gains to trade little changed around $81 a barrel on Thursday, after jumping as much as 3.2% to $83.1 early in the session, as investors weigh prospects of a recovery in demand and further supply cuts from OPEC+. Investors await an OPEC+ meeting on December 4th amid recent speculation of more production cuts, despite little likelihood of a policy change, Reuters reported citing a source with direct knowledge of the matter. In November, the cartel curbed supplies by just over 1 million barrels a day, the most since 2020, according to Bloomberg.
Traders also await any developments on an agreement for a cap for Russian oil, with EU governments tentatively setting a $60 a barrel price cap, although it still needs to be agreed by unanimity. Meanwhile, China has signaled a softening stance in the fight against the coronavirus, sparking hopes that the world’s top crude importer could be swifter reopening its economy while offering an upbeat outlook for oil.