Oil falls with U.S. stocks despite OPEC+ seen keeping output steady | Reuters

Oil falls with U.S. stocks despite OPEC+ seen keeping output steady | Reuters

Oil prices fell from multi-month highs in volatile trade on Monday as U.S. stocks eased on concerns over the outcome of runoff elections in Georgia.

The market declined despite expectations the Organization of the Petroleum Exporting Countries and allies will hold off on increasing output in February and optimism over a vaccine-driven economic recovery.

Brent futures dropped 73 cents, or 1.4%, to $51.07 a barrel by 10:56 a.m. EST (1556 GMT), while U.S. West Texas Intermediate (WTI) crude fell 93 cents, or 1.9%, to $47.59.

Earlier in the session, both benchmarks rose and fell by $1 a barrel with WTI reaching its highest since February and Brent its highest since March.

The S&P 500 and the Dow also eased from record levels on the first trading day of the year as President Donald Trump travels to Georgia in a bid to keep the U.S. Senate in the hands of his Republican Party.