Oil falls for fourth consecutive session, Brent slips below $80

Oil drilling rigs

Oil closed lower today, Nov. 27, amid continuing geopolitical tensions in the Middle East and ahead of the OPEC+ meeting on Nov. 30.

Brent crude for January delivery fell by 0.75%, or 60 cents, to settle at $79.98 per barrel, after falling during the day to $79.13.

WTI crude for January delivery fell by 0.9%, or 68 cents, to record $74.86 per barrel, after touching $74.06 during the session.

Adding to the bearish sentiment in crude markets, the growth in profits of Chinese industrial companies slowed sharply, as year-on-year gains came at 2.7% in October after growing by 11.9% in September. This raises doubts about the extent to which policies stimulate and support the recovery of the second largest economy in the world.

OPEC+ may consider an additional collective reduction in oil production during its upcoming meeting, after it was postponed for four days due to a dispute over production quotas with African producers, Reuters reported, citing sources familiar with the matter.