Oil prices fall as OPEC+ members debate 2021 output policy

Brent crude for January delivery, a contract that expires on Monday, dropped 69 cents, or 1.4%, to $47.49 a barrel by 1220 GMT. The more actively traded February Brent contract was down 65 cents at $47.60.

U.S. West Texas Intermediate crude for January fell 53 cents, or 1.2%, to $45.00 a barrel.

“Last week’s optimism is taking a hit this morning and longs are edging towards the exit ahead of the OPEC+ talks,” said oil broker PVM’s Tamas Varga, after OPEC+ failed to agree on policy in informal talks ahead of Monday and Tuesday’s formal meetings.