Rigging equipment is pictured in a field outside of Sweetwater, Texas June 4, 2015. Reuters/Cooper Neill
Brent futures edged lower while U.S. crude gave back much of its earlier gains on Monday as a pre-OPEC-meeting rally and run-up in U.S. refined oil products faltered.
A Reuters survey that estimated higher OPEC production in November, after a rise in Saudi Arabian output, also weighed on market sentiment.
Another negative factor was the dollar’s surge to an 8-month high, which weakened demand for dollar-denominated oil from holders of the euro and other currencies.
Brent was down 20 cents at $44.66 a barrel as of 1:59 p.m. EST (1859 GMT), after rising nearly $1 earlier.
WTI was up 1 cent at $41.72, versus a session high at $42.61.
On November’s last trading session, Brent and WTI looked set to end the month down about 10 percent as a global supply glut showed little signs of diminishing.
Few traders and investors expect any material change to OPEC’s production policy when the Organization of the Petroleum Exporting Countries convenes in Vienna on Friday. Still, some had hedged earlier on Monday for the possibility of a surprise.
“We feel the only real hope for oil bulls now would be a year-end destocking of crude that will create draws,” said Tariq Zahir of New York’s Tyche Capital Advisors, which has a bearish position on WTI.
“Even if we get a bounce in any fashion, that will be prime opportunity for bears like me to…