Crude Oil retreats slightly at start of Thanksgiving week as focus shifts to OPEC meeting

Crude Oil is looking for direction after geopolitical tensions between Russia and Ukraine faded over the weekend. 

The OPEC meeting on December 1 could be pivotal as a delay in production normalization is expected. 

The US Dollar Index retreats slightly after breaking a fresh two-year high last week. 

Crude Oil takes a step back on Monday, trading at around $70, after a calmer weekend on the geopolitical front and ahead of a holiday-shortened week in the US due to Thanksgiving. The focus for the week, apart from any headlines from Russia-Ukraine or the Middle East, will be on the OPEC meeting set to take place on Sunday, December 1.

Meanwhile, the US Dollar Index (DXY), which measures the Greenback’s performance against a basket of currencies, is also taking a step back after its stellar performance last week. Over the weekend, President-elect Donald Trump nominated former hedge fund manager Scott Bessent for the Treasury Secretary position. Markets perceive Bessent as a fiscal hawk, targeting a budget deficit of 3% of GDP by 2028, while indicating that he is backing tariff and tax cut plans.