<p class="title">Oil prices fell about 1% on Monday amid investor jitters ahead of an OPEC+ meeting to decide whether the producers' group will extend large output cuts to balance global markets.</p>.<p class="bodytext">January Brent crude futures, which will expire later on Monday, dropped 58 cents, or 1.2%, to $47.60 a barrel by 0008 GMT. The more actively traded February Brent contract was at $47.77 a barrel, down 48 cents.<br /><br /><strong>Read | <a href="https://www.deccanherald.com/business/opec-yet-to-find-compromise-on-oil-policy-for-2021-921509.html" target="_blank">OPEC+ yet to find compromise on oil policy for 2021</a></strong></p>.<p class="bodytext">US West Texas Intermediate crude futures for January fell 40 cents, or 0.9%, to $45.13 a barrel.</p>.<p class="bodytext">Both benchmarks are still set to rise more than 20% in November, the strongest monthly gains since May, boosted by hopes that three promising coronavirus vaccines that may curb the rapid spread of the disease and in doing so support fuel demand.</p>.<p class="bodytext">Analysts and traders also expect the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - the OPEC+ grouping - to delay next year's planned increase in oil output as a second COVID-19 wave has cut into global demand for fuel.</p>.<p class="bodytext">OPEC+ previously agreed to raise output by 2 million barrels per day (bpd) in January - about 2% of global consumption - after record supply cuts this year.</p>.<p class="bodytext">The group held an initial round of talks on Sunday, but has yet to find a consensus on oil output policy for 2021 ahead of crucial meetings on Monday and Tuesday, four OPEC+ sources told Reuters.</p>.<p class="bodytext">Monday's meeting will commence at 1300 GMT.</p>.<p class="bodytext">"Signs of disunity in OPEC raised the prospect of the group not agreeing to an extension of current production cuts," ANZ analysts said.</p>.<p class="bodytext">"Some members, including UAE and Iraq, have expressed misgivings about its policy over supply."</p>.<p class="bodytext">The bank estimated that the oil market surplus could be as high as 1.5 million to 3 million bpd in first half of 2021 if OPEC+ does not extend cuts.</p>.<p class="bodytext">Meanwhile, the number of operating oil and natural gas rigs in the United States has risen for the fourth month in a row as producers return to the wellpad with crude prices mostly trading over $40 a barrel since mid June.</p>.<p class="bodytext">China is also due to release manufacturing data on Monday which will likely show economic expansion in the world's second-largest economy and top oil importer.</p>
<p class="title">Oil prices fell about 1% on Monday amid investor jitters ahead of an OPEC+ meeting to decide whether the producers' group will extend large output cuts to balance global markets.</p>.<p class="bodytext">January Brent crude futures, which will expire later on Monday, dropped 58 cents, or 1.2%, to $47.60 a barrel by 0008 GMT. The more actively traded February Brent contract was at $47.77 a barrel, down 48 cents.<br /><br /><strong>Read | <a href="https://www.deccanherald.com/business/opec-yet-to-find-compromise-on-oil-policy-for-2021-921509.html" target="_blank">OPEC+ yet to find compromise on oil policy for 2021</a></strong></p>.<p class="bodytext">US West Texas Intermediate crude futures for January fell 40 cents, or 0.9%, to $45.13 a barrel.</p>.<p class="bodytext">Both benchmarks are still set to rise more than 20% in November, the strongest monthly gains since May, boosted by hopes that three promising coronavirus vaccines that may curb the rapid spread of the disease and in doing so support fuel demand.</p>.<p class="bodytext">Analysts and traders also expect the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - the OPEC+ grouping - to delay next year's planned increase in oil output as a second COVID-19 wave has cut into global demand for fuel.</p>.<p class="bodytext">OPEC+ previously agreed to raise output by 2 million barrels per day (bpd) in January - about 2% of global consumption - after record supply cuts this year.</p>.<p class="bodytext">The group held an initial round of talks on Sunday, but has yet to find a consensus on oil output policy for 2021 ahead of crucial meetings on Monday and Tuesday, four OPEC+ sources told Reuters.</p>.<p class="bodytext">Monday's meeting will commence at 1300 GMT.</p>.<p class="bodytext">"Signs of disunity in OPEC raised the prospect of the group not agreeing to an extension of current production cuts," ANZ analysts said.</p>.<p class="bodytext">"Some members, including UAE and Iraq, have expressed misgivings about its policy over supply."</p>.<p class="bodytext">The bank estimated that the oil market surplus could be as high as 1.5 million to 3 million bpd in first half of 2021 if OPEC+ does not extend cuts.</p>.<p class="bodytext">Meanwhile, the number of operating oil and natural gas rigs in the United States has risen for the fourth month in a row as producers return to the wellpad with crude prices mostly trading over $40 a barrel since mid June.</p>.<p class="bodytext">China is also due to release manufacturing data on Monday which will likely show economic expansion in the world's second-largest economy and top oil importer.</p>