Crude oil futures ended lower on Monday as traders looked ahead to the outcome of a meeting of OPEC and its allies. Meanwhile, the OPEC warned that the immense challenges caused by the coronavirus pandemic will likely persist in 2021. The OPEC president and Ageria's energy minister said the shock to the oil industry is massive and its severe impacts will likely reverberate in the years to come. However, crude oil futures (WTI futures) gained almost 20% in November, the strongest monthly returns since May, thanks to rising optimism about potential coronavirus vaccines.
Crude oil futures for January dropped $0.19 or 0.4 percent to settle at $45.34 a barrel on the New York Mercantile Exchange. January Brent crude fell $0.64 or 1.33 percent to settle at $47.54 a barrel on London's Intercontinental Exchange.