Brent falls below $51 as investors await OPEC+ decision

Oil prices edged lower on Tuesday, following the sharp decline in the previous session, as investors awaited a decision from the Organization of Petroleum Exporting Countries (OPEC) and the allied producers on the output levels for February.

OPEC+ is due to resume talks today, Jan. 5, 2021, after a majority of members opposed Russia's proposal to raise oil production further in February.

International benchmark Brent crude was trading lower 0.3% at $50.93 per barrel, at 8.58 am Makkah time.

WTI crude fell 0.23% to $47.51 a barrel. The benchmark declined 1.9% on Monday.