Crude oil prices fell on Monday, amid investor jitters ahead of a meeting of producer group OPEC to decide whether to extend large output cuts to balance global markets, but vaccine hopes helped keep them on track to rise more than a fifth in November.
January Brent crude futures, which will expire later on Monday, dropped 46 cents, or 1, to 47.72 a barrel by 0355 GMT. The more actively traded February Brent contract was at 47.83 a barrel, down 42 cents.
U.S. West Texas Intermediate crude futures for January fell 48 cents, or 1.1, to 45.05 a barrel.
However, both benchmarks are still set for a rise of more than 20 in November, the strongest monthly gains since May, boosted by hopes for three promising coronavirus vaccines to limit spread of the disease and thus support fuel demand.
Analysts and traders also expect the Organization of the Petroleum Exporting Countries OPEC and allies including Russia the OPEC grouping to delay next years planned increase in oil output as a second COVID19 wave has hit global fuel demand.
OPEC previously agreed to raise output by 2 million barrels per day bpd in January or about 2 of global consumption after record supply cuts this year.
The group held an initial round of talks on Sunday, but has yet to reach consensus on oil output policy for 2021 ahead of key meetings on Monday and Tuesday, four OPEC sources told Reuters. Mondays meeting begins at 1300 GMT.
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