Oil slips by 1% to a low of $44.66 before a mild bounce
The drop was a bit of a quick one from near $45.30 to $44.66 before price is now pushing back towards $45.00 again. If anything, it reflects some element of nervousness ahead of the OPEC+ meeting and decision on output cuts later today.
There is a report by the WSJ suggesting that the bloc is closing in on an agreement to boost output by about 500k bpd starting from next month, in an attempt to strike a compromise between all members later today.
That sort of fits into the narrative earlier but with OPEC+ knowingly famous (or infamous what have you will) for their lack of compliance, do expect some "cheating" to occur.
