Oil falls ahead of OPEC + supply policy meeting
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Oil fell on Monday, ahead of the OPEC+ supply policy meeting that may decide whether the recent rise in prices can continue as the world intermittently recovers from the COVID-19 pandemic.
Brent crude fell 10 cents, or 0.09 percent, to $79.20 a barrel by 05:13 GMT, and rose 1.5 percent last week, its fourth consecutive weekly gain. US oil was down 9 cents, or 0.13%, at $75.79, after rising in the past six weeks.
Oil prices rose amid supply disruptions and a recovery in global demand, which last week pushed Brent to a nearly three-year high above $80.
OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is due to meet later in the day.
The group is facing pressure from some countries to produce more to help lower prices as demand has recovered faster than expected in certain parts of the world.
OPEC+ agreed in July to increase production by 400,000 bpd each month until at least April 2022 to phase out 5.8 million bpd of existing cuts.
It will be the closest increase in November since the last OPEC+ meeting decided trading volumes in October.
The rise in oil prices over the past week was also driven by a larger increase in gas prices which are up 300% and are trading around $200 a barrel on similar terms, leading to a shift to fuel oil and other crude products for electricity generation and other industrial needs.