Black commodities traded under pressure as the market awaits OPEC +'s decision on whether the group will postpone plans to increase oil production from next year.
At the opening of the December trade, Brent crude traded lower at $ 47.50 a barrel, while the US WTI was at $ 44.98 a barrel.
Both benchmarks jumped about 27% in November, making it the biggest monthly increase since March after the positive development of the Covid-19 vaccine has supported hopes for an economic recovery that could boost fuel demand.
However, oil prices came under pressure after a report stated that OPEC and its allies would postpone negotiations until Thursday due to key members still disagreeing with the postponement plan.
OPEC +, which includes the Organization of Petroleum Exporting Countries and its allies, is scheduled to hold meetings on Monday and Tuesday. After unofficial talks on Sunday failed to reach an agreement, sources say Russia proposes to increase production by 0.5 million barrels a day.
Also complicating matters, was when Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman told the OPEC meeting on Monday that he would resign as co-chair of the ministerial oversight committee. However, it is still unclear why he planned to do so.
