Oil prices fall ahead of OPEC + meeting

World oil prices fell on Monday morning in anticipation of the OPEC + meeting, Report informs via Prime.

The price of January futures of Brent crude fell by 0.23%, to $83.52 per barrel, and WTI December futures dropped by 0.38%, to $83.25 per barrel.

The oil market is showing negative dynamics on Monday morning, as investors are somewhat hesitant ahead of the next OPEC + meeting scheduled for Thursday, November 4.

As the alliance and its allies are due to meet on Thursday, traders are wondering if production will need to be increased by more than the planned 400,000 barrels a day after data showed that US gasoline inventories are plummeting while commercial crude inventories at the Cushing field, Oklahoma, are close to critical levels, ANZ analysts told Wall Street Journal.

Besides, concerns about new coronavirus outbreaks in China put pressure on oil prices. According to ANZ experts, an increase in new COVID cases could mean a slowdown in the global recovery in oil demand.