Oil prices fall as OPEC+ members debate 2021 output policy
Oil prices tumbled on Monday on uncertainty about whether OPEC+ would agree to extend large output cuts at talks this week, but vaccine hopes still kept benchmark crudes on track to rise more than a fifth in November.
Brent crude for January delivery, a contract that expires on Monday, dropped 90 cents, or 1.9%, to $47.28 a barrel by 0944 GMT. The more actively traded February Brent contract was down 89 cents at $47.36.
U.S. West Texas Intermediate crude for January fell 70 cents, or 1.5%, to $44.83 a barrel.
“Last week’s optimism is taking a hit this morning and longs are edging towards the exit ahead of the OPEC+ talks,” said oil broker PVM’s Tamas Varga, after OPEC+ failed to agree on policy in informal talks ahead of Monday and Tuesday’s formal meetings.
