Oil futures fall for the session, but U.S. prices gain nearly 27% for the month
Oil futures declined on Monday as the market awaited a final decision from Organization of the Petroleum Exporting Countries and their allies on Tuesday regarding a potential extension of crude production curbs into the new year. The OPEC Conference held on Monday concluded without an official decision, though some reports say oil producers reached a general agreement to extend current output cuts by three months starting in January. The producers are expected to announce a final deal at the OPEC+ meeting Tuesday. Meanwhile, prices for U.S. benchmark crude futures finished the month of November 26.7% higher, according to Dow Jones Market Data. Prices saw their first monthly rise in three months, buoyed by promising developments surrounding COVID-19 vaccines that are expected to help ease economic restrictions and the loss of energy demand that may go with it. January West Texas Intermediate crude
CLF21,
fell 19 cents, or 0.4%, to settle at $45.34 a barrel on the New York Mercantile Exchange.
