By Nick Godt, MarketWatch
NEW YORK (MarketWatch) — Crude-oil futures inched higher Friday, ahead of a meeting of major oil producers, while traders weighed concerns that China might hike rates over the weekend.
Crude oil for January delivery gained 16 cents, or 0.2%, to $88.23 a barrel.
Investors may be reluctant to do much before Saturday’s meeting of the Organization of Petroleum Exporting Countries. Although OPEC leaders are not expected to announce major production changes, traders will be listening for any comments from ministers about their price expectations.
Meanwhile, the People’s Bank of China raised lenders’ reserve requirement by half a percentage point Friday in a move designed to take liquidity out of the banking system and cool inflationary pressures in the country.
At the same time, strong trade data from China boosted expectations for an imminent hike in interest rates from Beijing and fueled concerns about slowing energy demand.
Separately, the U.S. government said the trade deficit narrowed by 13.2% in October. Read more about U.S. trade data.
On Thursday, crude closed higher as investors stayed cautious ahead of the OPEC meeting but found some support in weekly jobless-claims data.
