Oil fell on Monday

International benchmarks for oil prices dropped to three-weeks low on Monday (31 October) as market remain doubtful over OPEC’s ability to finalize a production cut deal this November. Countries such as Azerbaijan, Brazil, Kazakhstan, Mexico, Oman and Russia all refused to commit to cut or even freeze production until there was agreement among OPEC member states, according to WSJ.

WTI closed at $46.86/barrel (-$1.84) for December delivery

Brent closed at $48.30/barrel (-$1.41) for December delivery