2017.11.2002:59:00UTC+00Oil Markets Muted ahead of OPEC Meeting

Oil markets were subdued on Monday as traders were cautious to take on new positions ahead of an OPEC meeting on November 30, when the producer cartel is anticipated to announce its decision whether to extend production cuts aimed at bolstering prices.

Brent crude futures traded at $62.56 per barrel fell 16 cents or 0.3 percent lower from their last settlement. U.S. WTI crude futures stood at $56.59 per barrel, 4 cents or 0.1 percent higher from their last close.

Traders said they were refraining from taking on large new positions due to the prevalent uncertainty in markets.

OPEC, along with a group of non-OPEC producers has been limiting production since the beginning of this year in a push to curb a global supply overhang and bolster prices. The agreement to reign in output is due to end in March 2018, but OPEC will convene at the end of the month to hold talks regarding the prospects for the policy.

While OPEC is widely-expected to reach a consensus on an extension of the production cut as storage levels continue to be high despite of recent drawdowns, there are doubts regarding the willingness of some participants to continue the output restrictions.