Oil Prices Continued to Decline After the Meeting was Delayed

Oil Prices Continued to Decline After the Meeting was Delayed Oil prices continued to decline after the meeting was delayed. The decline in oil prices continued as OPEC+ postponed the meeting after Monday's talks failed to reach agreement. Oil prices continued to decline after the meeting was postponed to Thursday due to the failure to reach an agreement in the OPEC + talks. Futures contracts fell 0.7 percent in the New York market. Ministers of OPEC + countries will hold a meeting on Thursday and decide whether to extend production cuts. Some ministers say the markets are very fragile and cannot afford to increase the production, while others are in favor of more production to take advantage of the rising prices with the developments in the coronavirus vaccine. Energy demand in Asia continues to recover. Factory activity in export-intensive areas such as South Korea and China increased sharply in November. On the other hand, after the increase in oil prices recorded in May, this year's biggest monthly rise was realized. Disputes within the OPEC + coalition increased with the rise in prices. "OPEC+ is in a dilemma," says Vivek Dhar, Commodity Strategist at Commonwealt Bank of Australia. He added, “Number of cases are increasing in the USA and Europe, energy demand is weakening, on the other hand, the demand is getting stronger with the recovery in Asia.” West Texas Oil (WTI), for January term, fell by 32 cents at 12:25 Singapore time to $ 45.02 a barrel in the Nymex market, after losing 0.4 percent on Monday. Brent oil for February term fell 0.6% to $ 47.58 a barrel on the London ICE Futures Europe market, after losing 0.8% in the previous session.