Oil prices dipped below $80 as OPEC+ meeting looms

Amidst anticipation surrounding the OPEC+ meeting scheduled for November 30, oil prices experienced a dip on Monday, 27 November 2023 with the Brent benchmark slipping below $80/barrel. Last week, the market declined after the meeting was postponed due to disagreements among African nations regarding supply cuts. 

Analysts are now speculating that a continuation of cuts by major players such as Saudi Arabia and Russia is likely. However, the market is weighed down as the International Energy Agency (IEA) forecasted a surplus in supply even if OPEC+ extended the output cuts.

Brent crude futures were down 60 cents or 0.7%/barrel, closing at $79.98/barrel. 

WTI crude futures lost 68 cents or 0.9%/barrel, to $74.86/barrel.