Oil falls while investors await the outcome of the OPEC+ meeting

Gulf Today Report 

Oil slumped on Monday as investors wait for OPEC+ to decide if the large output cut that was made to support market would be extended.

January Brent crude futures, which will expire later on Monday, dropped 46 cents, or 1%, to $47.72 a barrel by 03:55 GMT. Brent contract was at $47.83 a barrel, down 42 cents. US West Texas Intermediate crude futures for January fell 48 cents, or 1.1%, to $45.05 a barrel.

 Both benchmarks are likely to jump above 20% in November, the highest gain since May. 

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The announcement of three different COVID-19 vaccines aided oil prices, leading to fuel demand.

Initially, OPEC+ was set to increase output by 2 million barrels per day in January following the cut of supply earlier this year.

ANZ is speculating that the oil market surplus is likely to get up to 3 million barrels per day in 2021 if OPEC+ does not extend cuts.