Oil futures fluctuate with U.S. economy, OPEC meeting in focus

Investing.com - Oil prices swung between small gains and losses on Tuesday, as investors digested a mixed bag of U.S. economic data ahead of a much-anticipated meeting of the Organization of the Petroleum Exporting Countries later this week.

On the New York Mercantile Exchange, crude oil for delivery in January dipped 3 cents, or 0.04%, to trade at $75.75 a barrel during U.S. morning hours.

New-York traded oil futures fell 73 cents, or 0.95%, on Monday to end at $75.78 a barrel. Nymex oil hit $73.25 a barrel on November 14, the lowest level since September 2010.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for January delivery shed 4 cents, or 0.06%, to trade at $79.64 a barrel.

A day earlier, Brent lost 68 cents, or 0.85% to settle at $79.68 a barrel. Brent futures fell to a four-year low of $76.76 a barrel on November 14.

Data on Tuesday showed that U.S. consumer confidence declined in November, one month after touching its highest level in seven years as optimism over the short term outlook waned.

The Conference Board reported that its consumer confidence index declined to 88.7 from 94.1 in October compared to expectations for an uptick to 95.9.

The disappointing data came after the Commerce Department reported that the U.S. economy posted growth of 3.9% in the three months to September, far higher than the initial estimate of 3.5%. Economists had forecast a small downward revision to 3.3%.

Personal spending rose 2.2% in the third quarter, beating forecasts for 1.9%.

Meanwhile, market players continued to weigh the likelihood that OPEC will cut output to support prices when it meets in Vienna on Thursday.

Oil ministers from Iran, Iraq, Libya, Venezuela and Ecuador have asked for action to prevent further price declines, while Saudi Arabia and Kuwait have resisted calls to lower production.

Concerns over weakening global demand combined with indications that OPEC producers will not cut output have weighed on prices in recent months.

London-traded Brent prices have fallen nearly 30% since June, when it climbed near $116, while WTI futures are down almost 29% from a recent peak of $107.50 in June.

Some market experts believe prices could drop an additional 25% to $60 per barrel if OPEC does not agree to cut production significantly.