Oil prices decline ahead of OPEC meeting

By , on November 21, 2017


(Pixabay photo)
OPEC and other key oil producers will meet on Nov. 30 to discuss whether to extend the current price-supporting curbs on crude output. (Pixabay photo)

NEW YORK — Oil prices declined on Monday as investors became cautious ahead of an OPEC (Organization of the Petroleum Exporting Countries) meeting next week.

OPEC and other key oil producers will meet on Nov. 30 to discuss whether to extend the current price-supporting curbs on crude output.

The group has been restraining output since the start of this year in a bid to end a global oversupply. It is widely expected that the agreement will be extended to cover the whole of next year.

Meanwhile, a strong dollar dented market sentiment for the dollar-priced oil. The dollar index, which measures the greenback against six major peers, was up 0.40 percent at 94.038 in late trading.

The West Texas Intermediate for December Delivery lost 0.46 dollar to settle at 56.09 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery erased 0.50 dollar to close at 62.22 dollars a barrel on the London ICE Futures Exchange.