Oil Reverses Gains Ahead of OPEC+ Meeting

Crude Oil futures fell on Tuesday, reversing steep gains made in the past two sessions, as investors turned cautious ahead of a meeting of OPEC+ this Sunday.

The producer group may discuss deepening supply cuts due to slowing global growth.

Brent crude futures fell 51 cents, or 0.6%, to $81.81 a barrel by 0746 GMT, while U.S. West Texas Intermediate crude futures were at $77.32 a barrel, down 51 cents, or 0.7%.

Both contracts climbed about 2% on Monday but those gains were trimmed on Tuesday.

Sources said OPEC+ – made up of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, was set to consider whether to make additional oil supply cuts when it meets on Nov. 26.

Oil prices have dropped about 16% since late September as crude output in the U.S., the world’s top producer, held at record highs, while the market was concerned about demand growth, especially from the world’s largest oil importer, China.

Reuters/Hauwa Abu