2023.11.2719:19:00UTC+00Oil Futures Settle Lower

Crude Oil prices fell on Monday with traders trying to speculate the likely outcome of the upcoming meeting of OPEC+, scheduled to take place on Thursday (November 30).

West Texas Intermediate crude oil futures for January ended down $0.68 or about 0.9% at $74.86 a barrel.

Brent crude futures were down $0.51 or 0.62% at $79.97 a barrel a little while ago.

Oil producers, who were originally scheduled to meet on November 26, postponed their meeting by four days as they reportedly struggle to come to a consensus on reaching an agreement to curb supplies into 2024. According to reports, African members like Angola, Congo and Nigeria refused to accept the supply cuts proposed by Saudi Arabia and Russia.

"Arguably, the OPEC+ meeting will be the week's most impactful event. Not just because any decision could have direct consequences for price and therefore inflation but also due to the meeting already being pushed back by four days, so there's clearly some disagreement within the alliance," says Craig Erlam, Senior Market Analyst at OANDA, UK & EMEA.

"The group has always found a way to get an agreement over the line before, even if that means the biggest producers taking on more of the additional commitments so it's probably safe to say something similar will be achieved this week. But the question is how far they'll push it, given the recent trend in oil prices and increasing concerns around global growth next year," he adds.