Oil slips on oversupply concerns and stronger dollar

Core Viewpoint - Oil prices have declined over 1% due to OPEC+'s decision to pause output hikes in Q1 of next year, weak manufacturing data, and a stronger dollar [1][2]. Group 1: OPEC+ Decisions - OPEC+ agreed to a small oil output increase for December but will pause further increases in the first quarter of next year [2]. Group 2: Market Influences - Weak manufacturing PMIs from Asia and the U.S. ISM are raising concerns about oil demand [2]. - A stronger U.S. dollar, near a three-month high, is suppressing oil prices as it makes dollar-priced assets more expensive for holders of other currencies [3]. Group 3: Regional Manufacturing Data - Japan's manufacturing activity shrank in October at the fastest pace in 19 months, driven by a slump in demand in the automotive and semiconductor sectors [4]. - Market participants are anticipating U.S. inventory data from the American Petroleum Institute, with expectations of rising crude oil stockpiles [4].