Oil slipped ahead of OPEC+ meeting, EU ban on Russian oil

International benchmarks for crude oil lost 1.5% on Friday, 2 December 2022 as investors expected OPEC+ to roll-over the production target to gauge the impact of the latest 2 million barrels/day cut before making any further adjustments. Besides, Poland agreed to the $60/barrel cap on Russian crude, allowing the EU bloc to move forward with the agreement.

Brent dropped $1.31 or 1.5% to close at $85.57/barrel.

WTI fell $1.24 or 1.5% to close at $79.98/barrel.