Stacked rigs are seen along with other idled oil drilling equipment at a depot in Dickinson, North Dakota June 26, 2015. Reuters/Andrew Cullen
Crude oil prices rose on Tuesday as the dollar eased slightly, but with OPEC widely expected to stick to its output target this week, concern about oversupply remained in focus.
The European Central Bank is set to announce its latest policy decision on Thursday, OPEC’s decision on output is due on Friday along with U.S. monthly jobs numbers, meaning oil prices have been hemmed into a range of no more than $4 for the last week.
Brent crude futures LCOc1 were up 42 cents at $45.03 a barrel by 0943 GMT (0443 ET), while U.S. WTI crude futures CLc1 were up 49 cents at $42.14 a barrel.
Both fell by around 10 percent in November.
“Crude is entering a third week of trading almost unchanged on a weekly basis.
Towards the end of the week, we have the ECB, the (jobs) number and the OPEC meeting, so that is going to really set the outlook for the first quarter (of 2016),” said Olivier Jakob, an analyst at consultant Petromatrix.
“There is a lot of waiting before those macro inputs are out of the way and, until then, it’s a bit difficult to have a strong directional bias,” he said.
The ECB is widely expected to further loosen euro zone monetary policy, while the U.S. economy is expected to have added more jobs, albeit…