Oil declines ahead of OPEC+ meeting

Oil drilling rigs

Oil prices edged lower on Monday ahead of an OPEC+ meeting to decide on supply policy.

The international benchmark Brent crude was trading down 0.3% at $79.06 per barrel, at 9.05 am Makkah time.

WTI crude fell 0.3% to $75.63 per barrel.

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) is scheduled to meet later today.

According to media reports, the group is expected to maintain its earlier agreement, which provides for adding 400,000 barrels per day to its output in November.

Risk appetite has been "boosted by growing confidence in a strong pick up in global growth ... as investors are focused on the upcoming OPEC+ meeting", Reuters reported, citing a note from ANZ Research.