Oil falls on traders' wariness ahead of OPEC + meeting

Oil falls on traders' wariness ahead of OPEC meeting+

SINGAPORE (Reuters) - Oil prices are actively falling on Monday amid investor nervousness ahead of the OPEC + meeting, which will address the issue of extending restrictions on oil production.

Futures for Brent crude oil fell 2.7% to $ 46.88 per barrel by 09:24 Moscow time, for WTI - fell 2.26% to $ 44.5 per barrel.

Both brands have risen more than 20% since the beginning of November, the highest monthly gain since May, thanks to optimism about vaccines that would help contain the spread of coronavirus and fuel demand..

OPEC countries and their allies, including Russia, will postpone the planned increase in oil production by 2 million barrels per day for January, analysts and traders believe.

"Our baseline scenario still envisages a 3-month postponement (of the production increase), which will avoid a new surplus in the global oil market in Q1 2021, but it seems that not all producers are ready to do this.", - by Goldman Sachs analysts.

In addition, the number of operating oil and natural gas rigs in the US increased for the fourth consecutive month..

Meanwhile, data on Monday indicated that China's manufacturing activity accelerated in November to a high in more than three years. China may be first among the world's leading economies to fully recover from coronavirus crisis.

(Florence Tan. Translated by Vladimir Sadykov. Editor Anna Kozlova)