Wed, 27 Jan 2021

Oil prices fall with OPEC+ meeting in focus

01 Dec 2020, 08:18 GMT+10

NEW YORK, Nov. 30 (Xinhua) -- Oil prices declined on Monday as traders cautiously looked to a key meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies.

The West Texas Intermediate (WTI) for January delivery lost 19 cents to settle at 45.34 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery, which expires on Monday, decreased 59 cents to close at 47.59 dollars a barrel on the London ICE Futures Exchange. The more actively traded February Brent contract was down 37 cents at 47.88 dollars a barrel.

The downbeat market moves came as uncertainty about whether OPEC+ would agree to extend its deep output cuts remains.

OPEC and its allies (OPEC+) had been scheduled to hold a meeting on Tuesday, yet, the group postponed talks on oil output policy for 2021 to Thursday as key players still disagreed on how much oil they should pump amid weak demand due to the pandemic, according to a report by Reuters on Monday.

For the week ending Friday, the WTI rose 7.3 percent and Brent climbed nearly 7.2 percent.

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