Oil prices down 1.5% as OPEC+ debates 2021 output policy | Reuters
Oil fell about 1.5% on Monday as the world’s major oil producers discussed extending deep output cuts at talks this week, but benchmark crude will end the month with a strong rally built on hopes that COVID-19 vaccines will soon be available.
Brent crude for January delivery, which expires on Monday, dropped 68 cents, or 1.4%, to $47.50 a barrel by 1:24 p.m. EST (1824 GMT). The more actively traded February Brent contract was down 85 cents, or 1.76%, at $47.40.
U.S. West Texas Intermediate crude for January fell 73 cents, or 1.6%, to $44.80 a barrel.
OPEC members reached a broad consensus on the need to extend existing oil production cuts for three months from January if their allies in the wider OPEC+ group also support such a move, ministers and delegates said on Monday.
The Organization of the Petroleum Exporting Countries, Russia and others, known as OPEC+, plan to hold wider talks on Tuesday after discussions of key ministers on Sunday failed to reach a consensus.
Monday, 30 November 2020
Adnoc Is Said to Be in Running to Buy Offshore Oil Services Firm - Bloomberg
Adnoc Is Said to Be in Running to Buy Offshore Oil Services Firm - Bloomberg
Abu Dhabi National Oil Co. is a potential contender to buy a local offshore oil-services firm that counts the state-owned crude producer among its major clients, according to people familiar with the matter.
Zakher Marine International is working with Bank of America Corp. as it weighs its strategic options, including a sale, said the people, declining to be named because the information isn’t public yet. The process is still at an early stage and the company may still decide against selling, they said. Other buyers may also emerge.
Established in 1984, privately owned Zakher provides services to the offshore energy industry and currently operates a fleet of more than 35 support vessels, according to its website. It wasn’t immediately clear what valuation the company would seek, the people said.
Bank of America and Adnoc declined to comment, while representatives of Abu Dhabi-based Zakher didn’t reply to several messages and calls seeking comment.
Abu Dhabi National Oil Co. is a potential contender to buy a local offshore oil-services firm that counts the state-owned crude producer among its major clients, according to people familiar with the matter.
Zakher Marine International is working with Bank of America Corp. as it weighs its strategic options, including a sale, said the people, declining to be named because the information isn’t public yet. The process is still at an early stage and the company may still decide against selling, they said. Other buyers may also emerge.
Established in 1984, privately owned Zakher provides services to the offshore energy industry and currently operates a fleet of more than 35 support vessels, according to its website. It wasn’t immediately clear what valuation the company would seek, the people said.
Bank of America and Adnoc declined to comment, while representatives of Abu Dhabi-based Zakher didn’t reply to several messages and calls seeking comment.
OPEC Seeks Compromise on Plan to Delay Output Hike - Bloomberg
OPEC Seeks Compromise on Plan to Delay Output Hike - Bloomberg
OPEC ministers started hashing out the size of the cartel’s oil-production cuts for next year, as the group’s president called for caution in a fragile market.
The coalition is debating whether to maintain supply at current levels or increase it as planned in January. Some members are concerned that global markets remain too weak to absorb more barrels while others want to sell more crude as prices surge amid hopes for virus vaccines.
Market-watchers have been expecting OPEC+ to agree on a three-month delay -- and if the group doesn’t deliver prices will suffer. At stake also is the credibility of the cartel whose actions have underpinned the market since the spectacular oil crash earlier this year. The runup to the meeting has been marked by new cracks emerging in the coalition.
A couple of hours into the call on Monday, a delay of three months was proposed, according to delegates, and so far there’s been no opposition. But delegates said it was likely a final decision wouldn’t be reached until Tuesday.
The coalition is debating whether to maintain supply at current levels or increase it as planned in January. Some members are concerned that global markets remain too weak to absorb more barrels while others want to sell more crude as prices surge amid hopes for virus vaccines.
Market-watchers have been expecting OPEC+ to agree on a three-month delay -- and if the group doesn’t deliver prices will suffer. At stake also is the credibility of the cartel whose actions have underpinned the market since the spectacular oil crash earlier this year. The runup to the meeting has been marked by new cracks emerging in the coalition.
A couple of hours into the call on Monday, a delay of three months was proposed, according to delegates, and so far there’s been no opposition. But delegates said it was likely a final decision wouldn’t be reached until Tuesday.
OPEC oil output rises for fifth month on Libyan recovery, Reuters survey shows | Reuters
OPEC oil output rises for fifth month on Libyan recovery, Reuters survey shows | Reuters
OPEC oil output rose for a fifth month in November, a Reuters survey found, as increased Libyan production offset full adherence by other producers to cuts agreed in an OPEC-led supply deal.
The 13-member Organization of the Petroleum Exporting Countries has pumped 25.31 million barrels per day (bpd) in November, the survey found, up 750,000 bpd from October and a further increase from the three-decade low reached in June.
OPEC, Russia and their allies, a group known as OPEC+, are gathering virtually on Monday and Tuesday and will consider whether to extend existing curbs due to weak demand or increase output gradually from January, sources say.
“OPEC+ seem unable to reach agreement, at least in the run-up to today’s meeting,” said Eugen Weinberg of Commerzbank.
OPEC oil output rose for a fifth month in November, a Reuters survey found, as increased Libyan production offset full adherence by other producers to cuts agreed in an OPEC-led supply deal.
The 13-member Organization of the Petroleum Exporting Countries has pumped 25.31 million barrels per day (bpd) in November, the survey found, up 750,000 bpd from October and a further increase from the three-decade low reached in June.
OPEC, Russia and their allies, a group known as OPEC+, are gathering virtually on Monday and Tuesday and will consider whether to extend existing curbs due to weak demand or increase output gradually from January, sources say.
“OPEC+ seem unable to reach agreement, at least in the run-up to today’s meeting,” said Eugen Weinberg of Commerzbank.
#UAE banks waive $236.8mln debts of 1,607 Emiratis | ZAWYA MENA Edition
UAE banks waive $236.8mln debts of 1,607 Emiratis | ZAWYA MENA Edition
The Non-performing Debt Relief Fund announced on Monday that 12 banks had waived the debts of 1,607 Emirati citizens, with a total value of more than AED869.85 million.
The banks that participated included First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Al Hilal Bank, Mashreq Bank, Emirates NBD, Abu Dhabi Islamic Bank, Standard Chartered, RAKBANK, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic, NBQ, and the Arab Bank for Investment & Foreign Trade (Al Masraf).
The move was implemented as per the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan; and the support of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces; and the follow-up of H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
On this occasion, Jaber Mohammed Ghanem Al Suwaidi, Director-General of the Crown Prince Court of Abu Dhabi and Chairman of the Supreme Committee of the Non-performing Debt Relief Fund, said that this gesture is part of the UAE's wise leadership's keenness to ensure a decent life for all Emiratis and the highest possible standard of social stability.
The Non-performing Debt Relief Fund announced on Monday that 12 banks had waived the debts of 1,607 Emirati citizens, with a total value of more than AED869.85 million.
The banks that participated included First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Al Hilal Bank, Mashreq Bank, Emirates NBD, Abu Dhabi Islamic Bank, Standard Chartered, RAKBANK, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic, NBQ, and the Arab Bank for Investment & Foreign Trade (Al Masraf).
The move was implemented as per the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan; and the support of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces; and the follow-up of H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
On this occasion, Jaber Mohammed Ghanem Al Suwaidi, Director-General of the Crown Prince Court of Abu Dhabi and Chairman of the Supreme Committee of the Non-performing Debt Relief Fund, said that this gesture is part of the UAE's wise leadership's keenness to ensure a decent life for all Emiratis and the highest possible standard of social stability.
MIDEAST STOCKS-Most log monthly gains on COVID-19 vaccine optimism | Nasdaq
MIDEAST STOCKS-Most log monthly gains on COVID-19 vaccine optimism | Nasdaq
Saudi and Dubai shares ended higher on Monday, with most markets recording monthly gains thanks to optimism that the progress in COVID-19 vaccine development would help global economies recover at a quicker pace than initially anticipated.
Financial markets worldwide have gained in most sessions after U.S. drugmakers Pfizer PFE.N and Moderna MRNA.O, and Britain's AstraZeneca AZN.L released positive trial data on their vaccine candidates.
Oil prices, however, tumbled on uncertainty about whether OPEC+ would agree to extend large output cuts at talks this week.
Saudi Arabia's benchmark index .TASI finished 0.4% higher. Lender Al-Rajhi Bank 1120.SE and oil behemoth Saudi Aramco 2222.SE were the top gainers on the index, putting on 1% and 0.7%, respectively.
The Saudi benchmark also powered to a monthly gain of 10.6%, its biggest in four years.
Top oil exporter Saudi is expected to raise its official selling prices for Asian buyers in January, tracking stronger benchmark prices as some refiners increase output to meet higher winter demand, a Reuters survey showed.
The Abu Dhabi index .ADI closed down 0.4%, with First Abu Dhabi Bank FAB.AD and Abu Dhabi Islamic Bank ADIB.AD declining 1.3% and 2.1%, respectively.
The Abu Dhabi benchmark, which has mostly underperformed its Gulf peers in November, declined 0.4% in the month.
Dubai's main share index .DFMGI finished 0.8% higher, buoyed by lender Emirates NBD ENBD.DU, which gained 5.8%.
The benchmark registered a monthly gain of 10.6%, marking its best month since April.
The markets in the United Arab Emirates are closed for the rest of the trading week for holidays.
The Qatar benchmark index .QSI concluded trading 0.2% lower, with Qatar National Bank QNBK.QA declining 1.9%.
The index but posted a monthly gain of nearly 6% to cap its best month since April.
Saudi and Dubai shares ended higher on Monday, with most markets recording monthly gains thanks to optimism that the progress in COVID-19 vaccine development would help global economies recover at a quicker pace than initially anticipated.
Financial markets worldwide have gained in most sessions after U.S. drugmakers Pfizer PFE.N and Moderna MRNA.O, and Britain's AstraZeneca AZN.L released positive trial data on their vaccine candidates.
Oil prices, however, tumbled on uncertainty about whether OPEC+ would agree to extend large output cuts at talks this week.
Saudi Arabia's benchmark index .TASI finished 0.4% higher. Lender Al-Rajhi Bank 1120.SE and oil behemoth Saudi Aramco 2222.SE were the top gainers on the index, putting on 1% and 0.7%, respectively.
The Saudi benchmark also powered to a monthly gain of 10.6%, its biggest in four years.
Top oil exporter Saudi is expected to raise its official selling prices for Asian buyers in January, tracking stronger benchmark prices as some refiners increase output to meet higher winter demand, a Reuters survey showed.
The Abu Dhabi index .ADI closed down 0.4%, with First Abu Dhabi Bank FAB.AD and Abu Dhabi Islamic Bank ADIB.AD declining 1.3% and 2.1%, respectively.
The Abu Dhabi benchmark, which has mostly underperformed its Gulf peers in November, declined 0.4% in the month.
Dubai's main share index .DFMGI finished 0.8% higher, buoyed by lender Emirates NBD ENBD.DU, which gained 5.8%.
The benchmark registered a monthly gain of 10.6%, marking its best month since April.
The markets in the United Arab Emirates are closed for the rest of the trading week for holidays.
The Qatar benchmark index .QSI concluded trading 0.2% lower, with Qatar National Bank QNBK.QA declining 1.9%.
The index but posted a monthly gain of nearly 6% to cap its best month since April.
#SaudiArabia Goes Sour on Turkish Goods Amid Spat: Chart - Bloomberg
Saudi Arabia Goes Sour on Turkish Goods Amid Spat: Chart - Bloomberg
Turkey’s exports to Saudi Arabia fell 15% in September versus the same period last year, the third straight month of declines, amid an unofficial boycott of Turkish goods by authorities in the kingdom. Preliminary data from the Turkey Exporters’ Assembly suggests October’s drop in shipments was even bigger. A late November phone call between President Recep Tayyip Erdogan and Saudi Arabia’s King Salman signaled a possible thaw in ties, and interviews in Riyadh suggest curbs on the sale of products made in Turkey are being eased.
Axa Sells Gulf Operations to Kuwaiti Group in $269 Million Deal - Bloomberg
Axa SA sold its Persian Gulf business for $269 million to a Kuwait-based group, as the French insurance giant shifts its focus and exits some overseas investments to shore up its finances amid the coronavirus pandemic.
The Paris-based insurer said on Monday it sold its stakes in Axa Gulf, Axa Cooperative Insurance Company and Axa Green Crescent Insurance Company to Gulf Insurance Group, a Kuwaiti insurance group in which Canada’s Fairfax Financial Holdings Ltd. is a major shareholder.
Axa has been seeking to raise funds by divesting peripheral operations under Chief Executive Officer Thomas Buberl, who wants to focus on property and casualty insurance following a $15.3 billion purchase of XL Group Ltd. in 2018. It’s also looking to shore up its capital buffers as the global pandemic weighs on its profits.
“This transaction marks another step in Axa’s continued simplification journey,” Buberl said.
Exclusive: #AbuDhabi wealth fund in talks with KKR over Italian grid deal - sources | Reuters
Exclusive: Abu Dhabi wealth fund in talks with KKR over Italian grid deal - sources | Reuters
Abu Dhabi’s biggest sovereign fund is in talks with U.S. firm KKR to invest in Telecom Italia’s (TIM) last-mile network in a deal that has drawn scrutiny from Italy’s government, three sources close to the matter told Reuters.
Rome typically welcomes foreign investments but demands assurances that investors will follow the country’s national interests. The government has special vetting powers to block unwanted bids in industries deemed of strategic importance.
TIM agreed in August to sell KKR a 37.5% stake of a newly created company, FiberCop, into which it has transferred its ‘last-mile’ network connecting street cabinets to people’s homes.
KKR now wants to sell up to 30% of the unit that will hold that stake to Infinity Investments, a subsidiary of the Abu Dhabi Investment Authority (ADIA), as it looks for co-investors in the Italian deal, the sources said, asking not to be named.
Abu Dhabi’s biggest sovereign fund is in talks with U.S. firm KKR to invest in Telecom Italia’s (TIM) last-mile network in a deal that has drawn scrutiny from Italy’s government, three sources close to the matter told Reuters.
Rome typically welcomes foreign investments but demands assurances that investors will follow the country’s national interests. The government has special vetting powers to block unwanted bids in industries deemed of strategic importance.
TIM agreed in August to sell KKR a 37.5% stake of a newly created company, FiberCop, into which it has transferred its ‘last-mile’ network connecting street cabinets to people’s homes.
KKR now wants to sell up to 30% of the unit that will hold that stake to Infinity Investments, a subsidiary of the Abu Dhabi Investment Authority (ADIA), as it looks for co-investors in the Italian deal, the sources said, asking not to be named.
OPEC+ to discuss extending oil cuts or gradually raising output, sources say | Reuters
OPEC+ to discuss extending oil cuts or gradually raising output, sources say | Reuters
OPEC+ members will consider whether to extend existing oil cuts for three to four months or to increase output gradually from January during their two days of talks that start on Monday, OPEC+ sources told Reuters.
Officials from the Organization of the Petroleum Exporting Countries, Russia and others, a group known as OPEC+, held an initial round of talks on Sunday before formal discussions began but failed to reach agreement on policy for 2021.
OPEC+ had been due to ease existing production cuts by 2 million barrels per day (bpd) from January 2021, but a second coronavirus wave has reduced demand for fuel around the world, prompting a rethink among members of the group.
OPEC+ is now considering extending the existing cuts of 7.7 million bpd, about 8% of global demand, into the first months of 2021, a position supported by OPEC’s de-facto leader Saudi Arabia and other major producers in the group, sources said.
Preliminary consultations on Sunday between Saudi, Russian and other key ministers did not agree on strategy.
OPEC+ members will consider whether to extend existing oil cuts for three to four months or to increase output gradually from January during their two days of talks that start on Monday, OPEC+ sources told Reuters.
Officials from the Organization of the Petroleum Exporting Countries, Russia and others, a group known as OPEC+, held an initial round of talks on Sunday before formal discussions began but failed to reach agreement on policy for 2021.
OPEC+ had been due to ease existing production cuts by 2 million barrels per day (bpd) from January 2021, but a second coronavirus wave has reduced demand for fuel around the world, prompting a rethink among members of the group.
OPEC+ is now considering extending the existing cuts of 7.7 million bpd, about 8% of global demand, into the first months of 2021, a position supported by OPEC’s de-facto leader Saudi Arabia and other major producers in the group, sources said.
Preliminary consultations on Sunday between Saudi, Russian and other key ministers did not agree on strategy.
US oil recovery at mercy of Opec | Financial Times
US oil recovery at mercy of Opec | Financial Times
The US oil sector is emerging gingerly from this year’s price crash and may even start increasing output again — so long as an increasingly fractious Opec agrees this week to keep propping up crude prices.
West Texas Intermediate, the US crude benchmark, has risen to $45 a barrel in recent days, buoyed by coronavirus vaccine news and expectations that Opec and its partners will keep curbs on supply deep into 2021.
The rally has raised hopes that America’s worst oil crash in decades is coming to an end. A modest recovery in drilling and well-completion activity is under way.
“Oil at $45 takes you out of the ICU,” said Ian Nieboer, head of research at consultancy Enverus. “But there is still a ways to go before you declare shale healthy again. That’s why Opec is so important.”
West Texas Intermediate, the US crude benchmark, has risen to $45 a barrel in recent days, buoyed by coronavirus vaccine news and expectations that Opec and its partners will keep curbs on supply deep into 2021.
The rally has raised hopes that America’s worst oil crash in decades is coming to an end. A modest recovery in drilling and well-completion activity is under way.
“Oil at $45 takes you out of the ICU,” said Ian Nieboer, head of research at consultancy Enverus. “But there is still a ways to go before you declare shale healthy again. That’s why Opec is so important.”
200 law firms in #UAE sanctioned for anti-money laundering failures | ZAWYA MENA Edition
200 law firms in UAE sanctioned for anti-money laundering failures | ZAWYA MENA Edition
Law firms in the UAE have been fined and suspended from practice for failing to comply with government anti-money laundering procedures.
Sultan bin Saeed Al Badi Al Dhaheri, Minister of Justice, said 200 law firms in the UAE were suspended from practicing for one month, and will have the suspension lifted once they fulfil their obligations.
A further seven law firms were fined AED 100,000.
Al Badi was speaking at a higher committee meeting overseeing national strategy on anti-money laundering and countering financing of terrorism, held virtually, which also heard from Ahmed bin Ali Al Sayegh, Minister of State, who said that earlier this year, the Cabinet issued Resolution No. 74 for 2020.
Law firms in the UAE have been fined and suspended from practice for failing to comply with government anti-money laundering procedures.
Sultan bin Saeed Al Badi Al Dhaheri, Minister of Justice, said 200 law firms in the UAE were suspended from practicing for one month, and will have the suspension lifted once they fulfil their obligations.
A further seven law firms were fined AED 100,000.
Al Badi was speaking at a higher committee meeting overseeing national strategy on anti-money laundering and countering financing of terrorism, held virtually, which also heard from Ahmed bin Ali Al Sayegh, Minister of State, who said that earlier this year, the Cabinet issued Resolution No. 74 for 2020.
#Dubai builder Arabtec says shareholders ask to reverse decision to liquidate company | Reuters
Dubai builder Arabtec says shareholders ask to reverse decision to liquidate company | Reuters
Dubai builder Arabtec Holding is asking shareholders to reverse a decision made in September to proceed with a bankruptcy and liquidation filing, according to a bourse filing on Monday.
Instead, the troubled builder is asking shareholders, scheduled to meet at a general assembly meeting on Monday, to approve the continuity and restructure the company, the filing said.
The contracting firm said the request was made “at the request of shareholders representing more than 5% of the company.” It did not name the shareholders.
“It seems that these points have been raised by a group of investors. The fact that they’re being discussed at the general assembly doesn’t mean there’s a change of heart, it means that these points will be voted on,” said Mohammed Ali Yasin, chief strategy officer at Al Dhabi Capital Ltd.
Dubai builder Arabtec Holding is asking shareholders to reverse a decision made in September to proceed with a bankruptcy and liquidation filing, according to a bourse filing on Monday.
Instead, the troubled builder is asking shareholders, scheduled to meet at a general assembly meeting on Monday, to approve the continuity and restructure the company, the filing said.
The contracting firm said the request was made “at the request of shareholders representing more than 5% of the company.” It did not name the shareholders.
“It seems that these points have been raised by a group of investors. The fact that they’re being discussed at the general assembly doesn’t mean there’s a change of heart, it means that these points will be voted on,” said Mohammed Ali Yasin, chief strategy officer at Al Dhabi Capital Ltd.
New Energy Giants Are Renewable Companies: Iberdrola, Enel, NextEra, Orsted
New Energy Giants Are Renewable Companies: Iberdrola, Enel, NextEra, Orsted
China has also shifted its biggest state-run energy companies toward renewables. In 2017, it formed China Energy Investment Corp. by merging two state-owned giants. The company has close to 40 gigawatts of renewable power generation capacity, according to BloombergNEF, more than any of the European and American majors. Coal is still a huge part of its business, with 185 gigawatts of thermal power produced in 2019. Unlike the biggest clean-energy giants in Europe, China Energy is almost entirely focused on its home market.
Renewable energy such as solar and wind can be generated without producing heat-trapping carbon dioxide. A global transition to these cleaner fuels is the only chance we have of avoiding the most catastrophic effects of climate change. An estimated $11 trillion of renewables investment will be needed in the next 30 years to make that happen, and investors want in.
Meet the clean supermajors. They have the clout and financial might of the energy behemoths that plumbed the world over for oil and gas before them. But instead of digging mines and drilling wells, they’re leading the race to electrify the global economy.
These four companies—Enel, Iberdrola, NextEra Energy and Orsted—prioritized the building or buying of clean-power plants when those assets were still considered alternative and expensive. Now they’re on the cusp of a breakthrough. Ever-cheaper solar panels and wind turbines are beginning to dominate new power installations, threatening the growth of natural gas on our power grids and upending energy markets.
These four companies—Enel, Iberdrola, NextEra Energy and Orsted—prioritized the building or buying of clean-power plants when those assets were still considered alternative and expensive. Now they’re on the cusp of a breakthrough. Ever-cheaper solar panels and wind turbines are beginning to dominate new power installations, threatening the growth of natural gas on our power grids and upending energy markets.
China has also shifted its biggest state-run energy companies toward renewables. In 2017, it formed China Energy Investment Corp. by merging two state-owned giants. The company has close to 40 gigawatts of renewable power generation capacity, according to BloombergNEF, more than any of the European and American majors. Coal is still a huge part of its business, with 185 gigawatts of thermal power produced in 2019. Unlike the biggest clean-energy giants in Europe, China Energy is almost entirely focused on its home market.
Renewable energy such as solar and wind can be generated without producing heat-trapping carbon dioxide. A global transition to these cleaner fuels is the only chance we have of avoiding the most catastrophic effects of climate change. An estimated $11 trillion of renewables investment will be needed in the next 30 years to make that happen, and investors want in.
Oil prices tumble 2% as OPEC+ members argue over 2021 policy | Reuters
Oil prices tumble 2% as OPEC+ members argue over 2021 policy | Reuters
Crude oil prices tumbled on Monday, as investors waited for a decision by producer group OPEC+ whether to extend large output cuts to balance global markets, but vaccine hopes helped keep benchmarks on track to rise more than a fifth in November.
January Brent crude futures, which will expire later on Monday, dropped $1.01, or 2.1%, to $47.17 a barrel by 0749 GMT. The more actively traded February Brent contract was at $47.29 a barrel, down 96 cents.
U.S. West Texas Intermediate crude futures for January fell 86 cents, or 1.9%, to $44.67 a barrel.
However, both benchmarks are still set for a rise of more than 20% in November, the strongest monthly gains since May, boosted by hopes for three promising coronavirus vaccines to limit spread of the disease and thus support fuel demand.
Crude oil prices tumbled on Monday, as investors waited for a decision by producer group OPEC+ whether to extend large output cuts to balance global markets, but vaccine hopes helped keep benchmarks on track to rise more than a fifth in November.
January Brent crude futures, which will expire later on Monday, dropped $1.01, or 2.1%, to $47.17 a barrel by 0749 GMT. The more actively traded February Brent contract was at $47.29 a barrel, down 96 cents.
U.S. West Texas Intermediate crude futures for January fell 86 cents, or 1.9%, to $44.67 a barrel.
However, both benchmarks are still set for a rise of more than 20% in November, the strongest monthly gains since May, boosted by hopes for three promising coronavirus vaccines to limit spread of the disease and thus support fuel demand.
MIDEAST STOCKS-Markets track oil lower ahead of OPEC+ meeting; most set for monthly gains | Nasdaq
MIDEAST STOCKS-Markets track oil lower ahead of OPEC+ meeting; most set for monthly gains | Nasdaq
Most major Gulf markets weakened on Monday, tracking lower oil prices ahead of a crucial meeting of producer group Organization of the Petroleum Exporting Countries (OPEC+), but they were set to finish the month higher on hopes of a COVID-19 vaccine.
Financial markets worldwide have gained in most sessions over the past couple of weeks as U.S. drugmakers Pfizer Inc PFE.N and Moderna Inc MRNA.O as well as Britain's AstraZeneca AZN.L released positive trial data on the effectiveness of their vaccine candidates.
Also, crude oil prices, a vital catalyst for the Gulf markets, fell on jitters ahead of a meeting of producer group OPEC+ to decide whether to extend large output cuts to balance global markets. O/R
Analysts and traders also expect the group and its allies, including Russia, to delay next year's planned increase in oil output as a second coronavirus wave has hit global fuel demand.
Saudi Arabia's benchmark index .TASI shed 0.2%. Healthcare firm Dr. Sulaiman Al-Habib Medical Services Group 4013.SE and oil behemoth Saudi Aramco 2222.SE were the top losers on the index, falling 1.6% and 0.7%, respectively.
However, the Saudi benchmark is poised for a monthly gain of nearly 10%, its biggest in four years.
Dubai's main share index .DFMGI edged down 0.1%, dragged by property stock Emaar Properties EMAR.DU slipping 0.6%. The benchmark, however, is on course for a monthly gain of nearly 10%.
The Abu Dhabi index .ADI slipped about 0.4%, with major lenders First Abu Dhabi Bank FAB.AD and Abu Dhabi Islamic Bank ADIB.AD declining 0.8% and 1.3%, respectively.
The Abu Dhabi benchmark, which has mostly underperformed its Gulf peers in November, is set for a monthly decline of 0.4%.
The Qatar benchmark index .QSI lost 0.3% in early trade, with energy firm Qatar Gas Transport Co QGTS.QA being the biggest loser, declining 4.3%.
The index is on track to register a monthly gain of nearly 6%, its best month since April.
Most major Gulf markets weakened on Monday, tracking lower oil prices ahead of a crucial meeting of producer group Organization of the Petroleum Exporting Countries (OPEC+), but they were set to finish the month higher on hopes of a COVID-19 vaccine.
Financial markets worldwide have gained in most sessions over the past couple of weeks as U.S. drugmakers Pfizer Inc PFE.N and Moderna Inc MRNA.O as well as Britain's AstraZeneca AZN.L released positive trial data on the effectiveness of their vaccine candidates.
Also, crude oil prices, a vital catalyst for the Gulf markets, fell on jitters ahead of a meeting of producer group OPEC+ to decide whether to extend large output cuts to balance global markets. O/R
Analysts and traders also expect the group and its allies, including Russia, to delay next year's planned increase in oil output as a second coronavirus wave has hit global fuel demand.
Saudi Arabia's benchmark index .TASI shed 0.2%. Healthcare firm Dr. Sulaiman Al-Habib Medical Services Group 4013.SE and oil behemoth Saudi Aramco 2222.SE were the top losers on the index, falling 1.6% and 0.7%, respectively.
However, the Saudi benchmark is poised for a monthly gain of nearly 10%, its biggest in four years.
Dubai's main share index .DFMGI edged down 0.1%, dragged by property stock Emaar Properties EMAR.DU slipping 0.6%. The benchmark, however, is on course for a monthly gain of nearly 10%.
The Abu Dhabi index .ADI slipped about 0.4%, with major lenders First Abu Dhabi Bank FAB.AD and Abu Dhabi Islamic Bank ADIB.AD declining 0.8% and 1.3%, respectively.
The Abu Dhabi benchmark, which has mostly underperformed its Gulf peers in November, is set for a monthly decline of 0.4%.
The Qatar benchmark index .QSI lost 0.3% in early trade, with energy firm Qatar Gas Transport Co QGTS.QA being the biggest loser, declining 4.3%.
The index is on track to register a monthly gain of nearly 6%, its best month since April.