Oil prices tumbled more than 2% on Monday, ahead of a meeting of producer group OPEC+ to decide whether to extend large output cuts to balance global markets. On Sunday, the cartel held an initial round of talks but has yet to reach a consensus on oil output policy for 2021, according to Reuters. Meantime, fears about weak global demand lingered as COVID-19 numbers continued to rise across the globe. On Sunday, top infectious disease expert Anthony Fauci said the US may see “surge upon a surge” of infections in the weeks after Thanksgiving, adding that he does not expect current social distancing to be relaxed before Christmas. The number of virus infections in the US on Friday hit 200 thousand for the first time. At around 06:45 AM GMT, WTI crude plunged 2.2% to $44.55 a barrel, while Brent crude tumbled 2.6% to $46.93 a barrel.
