Oil prices fall 1.5% ahead of OPEC+ meet

Oil prices edged lower on Monday, ahead of the OPEC+ meeting that is expected to decide on output cuts revision starting January 2021.

The OPEC+ ministerial committee was unable to reach an agreement on whether to postpone the production increase and it left the decision to the meeting of the organization and its allies, to be held later today, Bloomberg reported, citing sources.

Nevertheless, most of the participants in the informal virtual discussion held yesterday, Nov. 29, supported maintaining production cuts at the current levels in the first quarter of 2021, the report added.

Earlier this year, OPEC+ agreed to increase production by 2 million barrels per day in January.

In terms of trading, Brent crude was down 1.5% at $47.48 per barrel, at 8.50 am Makkah time.

WTI crude also fell 1.5% to $44.85 a barrel.