Oil prices fall as OPEC+ talks delays raise supply concerns
TOKYO: Oil prices slipped on Tuesday amid concerns over mounting supply after leading producers delayed talks on 2021 output policy that could extend production cuts as the coronavirus pandemic continues to sap fuel demand.
Opening trading for December Brent crude was down 20 cents, or 0.4per cent at $47.68 a barrel by 0136 GMT, after dropping more than 1per cent on Monday. West Texas Intermediate was down by 27 cents, or 0.6per cent at $45.07 a barrel, having dropped 0.4per cent in the previous session.
Still, both contracts surged around 27per cent in November, the biggest monthly gains since March after COVID-19 vaccine developments raised hopes of an economic recovery that could boost fuel demand.
