Oil prices fall as OPEC+ output talks uncertain

Brent crude for January delivery, which expires on Monday, settled at US$47.59 a barrel, dropping 59 cents, or 1.2%. The more actively traded February Brent contract was down 37 cents at $47.88. U.S. West Texas Intermediate crude for January delivery settled at $45.34 a barrel, down 19 cents, or 0.4%

NEW YORK: Oil edged lower on Monday on uncertainty about whether the world's major oil producers would agree to extend its deep output cuts at talks this week.

The day's decline came after a strong month for crude benchmarks, which jumped about 27% in their biggest monthly gains since May on hopes for forthcoming vaccines for COVID-19 that would presumably help economic activity and oil demand resume.