WTI ended at 45.53 dollars, down 0.4%, and Brent ended at 48.18 dollars, up 0.8%.

The two benchmark crude oil contracts ended close to balance on Friday, in a calm market that awaits the decisive summit of black gold-producing countries on Monday and Tuesday.

At the end of a shortened session, the day after Thanksgiving in the United States, the American barrel of WTI for January fell 0.4% to 45.53 dollars.

In London, North Sea Brent crude oil for the same maturity rose 0.8% compared to Thursday's close, to 48.18 dollars.

Moreover, this week, Brent and WTI reached their record highs in eight and a half months, at $49.09 and $46.26 per barrel, respectively.

Since the beginning of November, they have posted gains of more than 25%.

Oil “is holding steady, with investors clinging to the hope that next week's Opp+ meeting will have the effect of pushing back by three months” the current level of cuts in their black gold production, explained Eugen Weinberg, an analyst at Commerzbank.

Members of the Organization of Petroleum Exporting Countries (OPEC) and their Opep+ allies are meeting on Monday, November 30 and Tuesday, December 1, to decide on the crude production reduction agreement between them.

According to it, the current withdrawal from the market of 7.7 million barrels per day should be reduced to 5.8 million as of January 2021.

While a six-month extension has been circulating among observers and market participants in recent days, “the requirement to do more than three months has finally subsided,” said Neil Wilson of Markets.com.

“Three months already saves time with the option of extending them if necessary,” he continued.

But “if the cartel does not change anything, it would be a disastrous shock for oil,” warned Mr. Weinberg, who recalls the still fragile outlook on the demand side due to the COVID-19 pandemic and the various restrictions on the movement of goods and people around the world.