Brent crude oil near recent lows as OPEC+ awaits

Yesterday afternoon Oil prices did a Volte Face again. That saw the price of Brent crude for February delivery slide into the NYMEX settlement. Earlier in the day Brent had reached a high at $74.27. The fall that followed saw it later slide to $72.26, before settling $1.27 lower on the NYMEX, at $72.31. The price action so far today not seen it make any progress ahead of the OPEC+ meeting later this morning. That is set to get underway at 11.30am GMT. So, in essence we have two conflicting dynamics in play here right now. On the one hand we have the restrictive supply dynamic from OPEC and on the other we have the- Drill baby Drill vow of the US President elect. Perhaps one will eventually prevail, but right now the oil markets have not yet decided which one it will be. So, with that OPEC meeting very much in focus this morning, we should expect some sharp moves to come as the day unfolds. Brent is trading right now at $72.43