Crude oil futures ended lower on Monday, but finished above the session’s lows, amid traders weighed prospects for further production cuts by the Organization of the Petroleum Exporting Countries and its allies - known together as OPEC+ - when they meet later this week. Oil producers, who were originally scheduled to meet on November 26, postponed their meeting as they reportedly struggle to come to a consensus on reaching an agreement to curb supplies into 2024. According to private reports, African members like Angola, Congo and Nigeria refused to accept the supply cuts proposed by Saudi Arabia and Russia.
Benchmark crude oil futures for January delivery fell $0.68 or about 0.9 percent to settle at $ 74.86 a barrel on the New York Mercantile Exchange. Brent crude for January delivery dropped $0.60 or about 0.7 percent to settle at $ 79.98 a barrel on London's Intercontinental Exchange.