Oil steadied after a two-day swing as investors looked ahead to an OPEC+ meeting on supply that will shape market balances into 2024.

Global benchmark Brent steadied below $81 a barrel after rallying by more than 4% on Friday following a plunge of a similar magnitude the day before. West Texas Intermediate traded near $76 after also having a volatile ride.

The Organization of Petroleum Exporting Countries and its allies are scheduled to meet next weekend to review the global crude market and decide on priorities heading into the new year. With prices lower year-to-date after a run of four weekly losses, there’s speculation supply curbs will be extended.

Crude has faced major headwinds over the past month as the war-risk premium generated by the Israel-Hamas war faded away, and concerns about robust supplies, including from non-OPEC+ nations, escalated. With inventories swelling in the US and timespreads signaling weaker conditions, hedge funds have slashed their bets on oil to the least bullish they’ve been in 20 weeks.

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