BREAKING: Oil Prices Slip in Cautious Trading Ahead of OPEC+ Meeting

Photo: Reuters

SINGAPORE (Reuters) - Oil prices fell about 1% on Monday amid investor jitters ahead of an Organisation of the Petroleum Exporting Countries (OPEC)+ meeting to decide whether the producers' group will extend large output cuts to balance global markets.

January Brent crude futures, which will expire later on Monday, dropped 58 cents, or 1.2%, to $47.60 a barrel by 0008 GMT.

The more actively traded February Brent contract was at $47.77 a barrel, down 48 cents.

U.S. West Texas Intermediate crude futures for January fell 40 cents, or 0.9%, to $45.13 a barrel.

Both benchmarks are still set to rise more than 20% in November, the strongest monthly gains since May, boosted by hopes that three promising coronavirus vaccines that may curb the rapid spread of the disease and in doing so support fuel demand.

OPEC+ previously agreed to raise output by 2 million barrels per day (bpd) in January - about 2% of global consumption - after record supply cuts this year.

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