On Monday, oil markets were marked by low activity as traders were hesitant to take on new positions ahead of OPEC meeting scheduled for the end of the month. At this meeting oil producers will have to decide whether they are going to continue output restrictions with the goal of pushing up prices.
Brent crude futures LCOc1, the international benchmark for oil prices, closed at $62.46 a barrel after losing 26 cents (about 0.4 percent).
WTI (U.S. West Texas Intermediate) crude futures closed at $56.57 per barrel after rising 2 cents.
OPEC and other producers, led by Russia, have been restricting output since the beginning of the year in an attempt to end a global oversupply and boost prices. The ongoing deal will expire on March 2018. OPEC is expected to agree to extend restrictions.
On Monday, Asian shares began the week on a back foot negatively affected by the weakness in the American stock market.
.MIAPJ0000PUS, the broadest index of Asia-Pacific shares outside Japan, was almost flat in early trade. Australian shares fell by 0.2 percent. Japan’s Nikkei declined by 0.1 percent.
It’s a couple of days before Thanksgiving but Black Friday sales have already begun. Several retailers have already applied their holiday strategies this year, offering discount over a long period of time rather than focusing on specific days.
Popular retailers such as Target, Best Buy and Walmart started their deals early this year. According to Lauren Lyons, the editor of Cole Business Insider’s Your Money, Black Friday now represents holiday marketing strategy as a whole, it’s no longer a one day only shopping offer.