Oil Gains 27% in November

Oil prices closed lower on Monday, awaiting the OPEC+ decision regarding output cuts.

A decision is expected on Tuesday, although it was reported that the meeting could be delayed to Thursday.

Brent crude futures for February delivery declined by 37 cents, or 0.8%, and settled at $47.88 per barrel.

Meanwhile, January futures decreased by 59 cents, or 1.2%, to close at $47.59 per barrel.

On a monthly basis, the global benchmark’s most active contracts rose by around 27% in November.

Meanwhile, the West Texas Intermediate (WTI) futures for January delivery lost around 19 cents, or 0.4%, to finish at $45.34 a barrel, rising by 26.7% for the month.