Oil fell on Monday ahead of a meeting by OPEC and its allies https://www.reuters.com/business/energy/opec-meets-output-increase-oil-prices-rally-2021-10-03 which may determine whether a recent rally in prices amid supply shocks and a recovery from the COVID-19 pandemic will be sustained.
Brent crude was down 14 cents or 0.2% at $79.14 per barrel by 0505 GMT. It rose 1.5% last week, its fourth weekly gain in a row. U.S. oil dropped by 15 cents or 0.2% to $75.73, after gaining for the past six weeks.
Oil prices have risen due to the supply disruptions and a rise in global demand, pushing Brent last week above $80 to a near three-year high.
