---

The OPEC meeting on Thursday is still the heaviest subject in today's news.

Consensus is still for an extension of the production cut of 9 months, though there is emerging some uncertainty especially provoked by Russia as the huge oil producer has seemed slightly indecisive compared to the other big player in the production cut alliance, Saudi Arabia.

Furthermore, increased geopolitical tensions have emerged between Iran and Saudi Arabia lately, which possibly could spill over to the negotiations on Thursday. But still market consensus is at the moment that the deal will be prolonged most likely by 9 months as anything else would disappoint the market and affect oil prices heavily.

Until Thursday where the OPEC meeting is conducted, oil prices will likely trade in a narrow range, but any comments or news in relation to the meeting could cause volatility.

Turning to the U.S., the Keystone XL pipeline is said to reopen today at a reduced pace, adding to supply in north America. But still the inventory stats released by API today and EIA later this week are expected to show a draw on crude as an effect of the pipeline shutdown. No information on when the pipe will run normally is published.

Turning to economic data front, today sees a row of U.S. central bank speeches and consumer confidence.