Oil fell for a fourth day as traders looked ahead to this week’s delayed OPEC+ meeting and wider financial markets carried a risk-off tone.
Global benchmark Brent dropped below $80 a barrel after retreating by 2.3% over the last three sessions, while West Texas Intermediate was around $75. Crude fell alongside equities as the week’s trading kicked off, with data showing profits at China’s industrial companies rose at a much slower pace in October, highlighting risks to growth in the world’s largest crude importer.
The Organization of Petroleum Exporting Countries had to push back the critical gathering to decide on supply policy by four days to Nov. 30 amid a dispute over quotas. The latest weakness in crude futures prices came despite a Bloomberg survey of traders and analysts that showed around half expect the group to take additional measures to tighten the market.
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