Oil prices slipped on Monday as traders took a cautious approach ahead of an OPEC meeting next week, where an extension of current price-supporting curbs on crude output are due to be discussed.
The Organization of the Petroleum Exporting Countries (OPEC), together with a group of non-OPEC producers led by Russia, has been restraining output since the start of this year in a bid to end a global supply overhang and prop up prices.
The deal to curb output is due to expire in March 2018, and OPEC meets on Nov. 30 to discuss the outlook for the policy. The expectation is for the agreement to be extended to cover the whole of next year.
"It is widely believed that OPEC together with 10 non-OPEC countries will roll-over their production for the whole of 2018 although Russia is holding its cards close to its chest," PVM Oil Associates strategist Tamas Varga said.