Oil fluctuates with volatility lingering ahead of OPEC meeting

Oil switched between modest gains and losses as traders look ahead to this week’s OPEC+ meeting for signals of where the market is headed toward next.

Futures were little changed in New York after falling as much as 2.6% during a choppy trading session. The market is assessing the impact renewed coronavirus lockdowns will have on demand and the likelihood they spur OPEC+ to keep the reins on supply when the group meets to discuss output policy on Thursday.

U.S. equities fell as investors weighed to what extent a recent block trades selling spree would spread through financial markets. A strengthening U.S. dollar, which reduces the appeal of commodities priced in the currency, also weighed on crude futures.