Oil prices down 1% as OPEC debates to extend deep output cuts in 2021
NEW YORK (Reuters) – Oil fell about 1% on Monday on uncertainty about whether OPEC+ would agree to extend its deep output cuts at talks this week, but COVID-19 vaccine hopes kept crude benchmarks on track to rise by more than 25% in November.
Brent crude for January delivery, which expires on Monday, dropped 47 cents, or 1%, to $47.71 a barrel by 11:15 a.m. EST (1615 GMT). The more actively traded February Brent contract was down 48 cents at $47.77.
U.S. West Texas Intermediate crude for January fell 35 cents, or 0.8%, to $45.18 a barrel.
Oil prices have climbed this month, on track for their biggest monthly gains since May, as vaccine developments raise hopes for an economic recovery that could boost fuel demand.
