Expectations that members of the Organization of the Petroleum Exporting Countries won’t cut output at their meeting later this week kept pressure on oil futures Monday, extending the November rout to around 10%.
January West Texas Intermediate crude fell 6 cents, or 0.1%, to settle at $41.65 a barrel on the New York Mercantile Exchange, after Friday’s 3.1% drop. January Brent crude on London’s ICE Futures exchange shed 25 cents, or 0.6%, to $44.61 a barrel. In November, prices for WTI lost about 10.6%, while Brent gave up roughly 10%.
Oil prices have been sliding for over a year since the Organization of the Petroleum Exporting Countries opted to keep production high to protect market share and bump out rivals in the U.S. and those outside the cartel. OPEC is set to hold its next meeting on Friday.