30.11.202009:08:00UTC+00Oil Prices Tumble Ahead Of OPEC+ Meeting

Oil prices fell on Monday in cautious trade as investors await the outcome of a meeting of producer group OPEC+ to decide whether to extend large output cuts.

Benchmark Brent crude for February delivery fell 2 percent to $47.30 a barrel, while U.S. West Texas Intermediate crude futures for January delivery were down 1.6 percent at $44.79.

Oil prices remain on track for a 20 percent gain this month, marking the strongest monthly gains since May, amid promising news surrounding coronavirus vaccine trails. Oil-producing group OPEC, and its allies, are likely to delay an output hike when they meet later today and tomorrow.

OPEC+ previously agreed to raise output by 2 million barrels per day (bpd) in January but the plan might be put on hold due to the demand decline prompted by a surge in Covid-19 cases and the second wave of lockdowns.

The group held an initial round of talks on Sunday, but no agreement was reached.