Oil prices fell for a fourth day on Monday ahead of a meeting of OPEC (Organization of the Petroleum Exporting Countries) and its allies, collectively known as OPEC+, later in the week. On November 30, the member countries will consult on limiting supply in 2024.
The OPEC+ ministerial meeting was earlier scheduled to take place on Sunday, but was postponed to iron out differences with African nations as they disagreed over supply cuts.
Brent crude futures were down 91 cents, or 1.1%, at $79.67 a barrel by 1217 GMT.
U.S. West Texas Intermediate (WTI) crude futures lost 89 cents, or 1.2%, at $74.65.
In early trading, both contracts were down $1.
Brent fell by almost a fifth from a peak in late September due to increased supply from non-OPEC countries and the fading supply risk from an Israel-Hamas war.
Earlier this month, the International Energy Agency (IEA) predicted that the market would return to surplus next year.
On Friday, the US crude benchmark for January delivery fell $1.56 to $75.54 a barrel. Brent crude for January delivery fell 84 cents to $80.23 a barrel.
Global stock markets were almost flat on Monday as investors eyed key US and European inflation data later in the week.
The MSCI index of world shares was down 0.04%.
The pan-European STOXX 600 index was down 0.15%. Futures on the S&P 500 index fell 0.15%.
Major Asian stock markets also declined on Monday.
The yield on the 10-year US Treasury was last down 1 basis point at 4.470%.
The US dollar fell against major peers on Monday.
The dollar index, which measures the currency against six major peers, slipped as much as 0.2% to 103.21 and was headed for a monthly loss of more than 3%.
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Updated: 27 Nov 2023, 18:46 IST
(tagsTo Translate)Oil Prices