Oil futures declined on Monday, but settled above the session’s lows, as traders mulled the potential outcome of a key meeting of OPEC+ later this week. Traders will be trying to predict what sort of action will be taken at the Nov. 30 meeting and the impact that will have on oil prices in the near term, said Fawad Razaqzada, market analyst at City Index and FOREX.com. “Judging by the recovery of oil prices from their earlier lows on Monday, they are expecting the OPEC+ to extend [production] curbs” into 2024. January West Texas Intermediate crude CLF24 fell 68 cents, or 0.9%, to settle at $74.86 a barrel on the New York Mercantile Exchange after trading as low as $$74.06.
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