Oil was little changed as traders wait to see whether OPEC and its allies will intervene in the market at their upcoming meeting.
West Texas Intermediate settled near $78 a barrel on Tuesday after holding steady in a $1 range. Crude climbed more than 6% in the prior two sessions on speculation that Saudi Arabia and its allies may deepen supply cuts at their next meeting on Nov. 26. US oil options pointed to many traders increasing bets on that outcome in a bid to reverse a recent slide in prices.
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