Global prices are losing ground as energy investors are keeping the wait-and-see stance ahead of the OPEC summit slated for November 30 in Vienna.
As of 05:32 GMT on Monday, Brent crude futures for January delivery settled down at $48.55 a barrel, having shed 0.92% from Friday’s close. January WTI futures fell 0.77% to trade at $47.59 a barrel.
Experts at ANZ note oil prices are treading water as investors are counting the days until the crucial event and rethinking whether the production cut deal would be made or not and what each scenario would mean for the oil market.
The cartel of 14 major oil exporters is assembling this Wednesday. The summit aims to finalize the deal to reduce oil output. In late September, the OPEC members made a tentative agreement at the meeting in Algiers to cap oil production within a range of 32.5-33.0 million bpd. However, individual quotas for each country were not settled.
