Oil prices slip 4%, but stage set for monthly gains ahead of OPEC meet

Oil prices fell nearly 4% on Friday in muted activity because of the U.S. Thanksgiving holiday, but were still set for monthly gains as OPEC watchers expect an extension next week to a pact to throttle oil output beyond March.

Brent crude futures were down $1.20 at $62.67 a barrel by 10:33 a.m. EST (1533 GMT), but remained on track for their biggest monthly gain since April with a rise of about 4.1%.

West Texas Intermediate (WTI) futures were down $1.90 at $56.21, on course for a decline of 2.8% on the week, after three consecutive increases. On a monthly basis, WTI is poised for a jump of about 3.6%, its highest since June.