Oil prices dip ahead of OPEC+ meeting, Brent below $80
Oil prices declined for a fourth day on Monday ahead of a meeting of OPEC (Organization of Petroleum Exporting Countries) and its allies, together known as OPEC+, later in the week. The member countries on November 30 will deliberate on supply curbs in 2024. The OPEC+ ministerial meeting was earlier scheduled to be held on Sunday, but was postponed to iron out differences with African nations as they had disagreed on supply cuts.
Brent crude futures edged lower 91 cents, or 1.1%, at $79.67 a barrel by 1217 GMT. US West Texas Intermediate (WTI) crude futures lost 89 cents, or 1.2%, at $74.65. In early trading, both the contracts were down $1.
Brent has fallen by almost a fifth from a high in late September on increased supply from non-OPEC countries and the fading of the supply risk from Israel-Hamas war. Earlier this month, the International Energy Agency (IEA) had predicted that the market would tip back into surplus next year. On Friday, the US crude oil benchmark for January delivery fell $1.56 to $75.54 per barrel.
Brent crude for January delivery fell 84 cents to $80.23 per barrel. Global stock markets were almost flat on Monday as investors are eyeing key US and European inflation data later in the week. The MSCI index of world stocks was down 0.04%.
The pan-European STOXX 600 index edged lower 0.15%. The futures on the S&P 500 index were down 0.15%. Major Asian stock markets also declined on Monday.
The yield on the 10-year US treasury note was last down 1 basis point at 4.470%. The US dollar on Monday fell against major peers. The dollar index, which measures the currency against six major peers, slipped as much as 0.2% to 103.21 and was headed for a monthly loss of more than 3%.Milestone Alert!
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