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Oil prices turned to the downside on Monday as traders await the results of the Organization of Petroleum Exporting Countries meeting and gross domestic product report tomorrow.
Light sweet crude for January delivery rose to $72.47 per barrel, down 89 cents on the session. Prices earlier touched as high as $74.32 but later as low as $71.99. The January contract expired at the end of the session.
OPEC members will meet on Tuesday in Luanda, Angola. The cartel is widely expected to leave its production levels unchanged after the 155th meeting.
On the economic front tomorrow, third quarter gross domestic product data is due at 8:30 a.m. ET. For the third quarter, GDP is expected to rise 2.7%, compared to a 2.8% rise in the second quarter.
The Energy Information Administration's weekly inventory report is due at 10:30 a.m. ET on Wednesday. Crude surged earlier in the week after the report showed a 3.7 million barrel decline in U.S. crude inventories last week.
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