Oil prices extend decline in electronic trade; OPEC+ meeting will reportedly be postponed to later this week

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Oil prices extended their decline into the electronic trading session Monday, following reports that the Organization of the Petroleum Exporting Countries and its allies will postpone their meeting to Thursday. Herman Wang, chief OPEC correspondent for S&P Global Platts, tweeted Monday, that the OPEC and non-OPEC meeting will be held on Thursday because “OPEC needs more time to get its house in order.” Producers had been expected to announce a decision on whether to extend current oil production curbs in to the new year at the meeting, which had originally been scheduled for Tuesday. January West Texas Intermediate crude was at $45.14 a barrel in electronic trading, down from the New York Mercantile Exchange settlement of $45.34.
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