Crude oil prices were down at opening on Monday as the global oil market and investors focus on the upcoming early December meeting between OPEC and its allies, which could help relieve the global oil supply glut.
International benchmark Brent crude was trading at $62.61 per barrel at 0700 GMT for a 1.23% loss after it closed Friday at $63.39 a barrel.
American benchmark West Texas Intermediate was at $57.98 a barrel at the same time for a 0.05% decline after ending Friday at $58.01 per barrel.
Saudi Arabia-led OPEC and Russia-led non-OPEC will hold their semi-annual meeting in Vienna on Dec. 5-6 to discuss global oil supply, demand and pricing.
The group, dubbed as OPEC+, is expected to extend its production cut agreement until June 2020 having lowered its total output by 1.2 million barrels per day in December 2018.
On the demand side, U.S. and China are "potentially very close" to reach a bilateral deal to put an end to the 19-month-long trade dispute, U.S. President Donald Trump said Friday.
Energy analysts maintain that if the world's two largest economies and oil consumers form a phase one deal, then investor confidence will follow to push prices higher.
By Ovunc Kutlu