Oil prices decline as OPEC members debate production policy in 2021

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Prices fell Crude Oil With the start of trading on Monday, as investors awaited a decision OPEC Group+ To producers on whether to extend big production cuts to balance global markets, but the vaccine hopes have helped keep the two benchmarks on a trajectory of more than a fifth since early November.

While futures contracts decreased toRaw brent January delivery, which expires later today, is $ 1.01, or 2.1 percent, to $ 47.17 a barrel. Brent contract for February reached

The most actively traded $ 47.29 a barrel, down 96 cents.

US West Texas Intermediate crude futures for January fell 86 cents, or 1.9 percent, to $ 44.67 a barrel.

But the two benchmarks are still heading towards a rise of more than 20 percent since the beginning of November, in the strongest monthly gain since May, supported by hopes for three promising Corona virus vaccines that will limit the spread of the disease.

And thus support the demand for fuel.

Analysts and dealers also expect that the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, the OPEC + group, will postpone a planned increase in oil production next year as a second wave of the Corona virus harms global fuel demand.

OPEC + previously agreed to increase production by 2 million barrels per day in January, or about 2 percent of global consumption, after record supply cuts this year.

Four OPEC + sources told Reuters that the group held an initial round of talks on Sunday, but did not reach consensus on oil production policy for 2021 before major meetings today and tomorrow.



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