November crude oil prices drifted off their early morning high as traders began to prepare for the US September US jobs report. Some traders suggested that the price action in November crude oil this week seemed to reflect a pullback in global recession fears, which leaves this morning's report as a key factor. In the meantime, there was more chatter out of Iran this morning suggesting that most OPEC members would likely leave production targets unchanged at their December meeting. There has also been talk that index fund rebalancing for 2012 could see weightings for US WTI crude oil fall and see them increase for Brent crude oil. While this is a factor that could put downside pressure on US crude prices, a lot can happen in two and a half months.
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