Oil slides as OPEC+ talks delay raise supply worries

01.12.2020 - Davydova Maria
Oil slides as OPEC+ talks delay raise supply worries

Oil prices fell on Tuesday amid worries about oversupply after major producers delayed talks on 2021 production policy for extending output cuts.

Brent crude fell 0.4%, or 20 cents, at $47.68 per barrel following a 1% decline in the last session. U.S. West Texas Intermediate dropped 0.6%, or 27 cents, at $45.07 per barrel after falling 0.4% on Monday.

Both benchmarks rose 27% in November, their biggest monthly gains since March. The upbeat news on COVID-19 vaccine developments also boosted hopes for demand recovery.

OPEC+ postponed talks for output policy for 2021 until Thursday due to a disagreement between major producers about how much oil should be pumped. The group was supposed to meet on Tuesday after key ministers failed to reach a consensus on Sunday.

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