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Oil prices drop as OPEC+ members debate 2021 output policy

Published by

December 5, 2024
(GMT+2)

Oil prices dropped on Monday on uncertainty regarding whether OPEC+ would agree to extend big output cuts at talks this week, but vaccine hopes still kept benchmark crudes on track to increase more than a fifth in November.Brent crude for January delivery,a contract that expires on Monday, fell 90 cents, or 1.9%, to $47.28 a barrel by 0944 GMT. The more actively traded February Brent contract dropped 89 cents at $47.36.US West Texas International crude for January dropped 70 cents, or 1.5%, to $44.83 a barrel.Members of the Organization of the Petroleum Exporting Countries, Russia and others, a group known as OPEC+, will consider extending existing cuts for three to four months or increasing output gradually from January, OPEC+.

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