West Texas Intermediate futures for January delivery is currently at $41.78 ( 0.17%), while Brent crude is at $44.74 (-0.27%). Both contracts are about to post declines of nearly 10% in November.
Investors are preparing for OPEC meeting scheduled for December 4. There is speculation that the group, led by Saudi Arabia, will amend its policy and decrease production in order to support prices. However many analysts still doubt that OPEC will take this step.
Traders are also waiting for the key U.S. employment report, which is also expected to be released on Friday. These data would increase volatility of the dollar and affect the dollar-denominated crude.