ETAutoBoth benchmarks are still set to rise more than 20% in November, the strongest monthly gains since May. Brent crude for January delivery, which expires on Monday, decreased 59 cents to close at 47.59 dollars a barrel on the London ICE Futures Exchange.
Oil prices fell on Tuesday as concerns over mounting supply returned to the fore after leading producers delayed talks on 2021 output policy that could extend cuts as the coronavirus pandemic continues to sap fuel demand.
Both contracts surged around 27% in November after Covid-19 vaccine developments raised hopes of an economic recovery that could revive fuel demand. West Texas Intermediate was down by 23 cents, or 0.5 percent at $45.11 per barrel, having dropped 0.4 percent in the previous session.
Discussions centre on whether to increase production in January as planned or maintain the cuts.
However, BCS Global Markets, while bullish, warned that there is substantial supply waiting in the wings from OPEC+ and "hyper-dynamic USA shale producers itching to drill again.[rig activity] was rising steadily this fall, even before oil began its most recent rally, and we think that as oil prices head towards $50 per barrel, a key inflection point may be crossed, accelerating USA oil drilling activity and, with a small lag, oil production".
Monday's meeting will commence at 1300 GMT.
Meanwhile, adding that the global oil market had very few options but relying on OPEC+ decisions until at least an emergency vaccine approval, a senior analyst at Price Futures Group in Chicago, Phil Flynn said, "If we get to the point of an emergency vaccine approval, that would be supportive, but the market understands that for the next couple weeks we're going to need some support from OPEC".
"Some members, including UAE and Iraq, have expressed misgivings about its policy over supply".
Meanwhile, the number of operating oil and natural gas rigs in the United States has risen for the fourth month in a row as producers return to the wellpad with crude prices mostly trading over $40 a barrel since mid June.