This has resulted in pressure on the dollar, which has fallen 3 per cent against a basket of major peers this month.
The euro was at $1.0940 EUR=EBS on Monday, not far from the recent four-month high of $1.0965, while the dollar softened to 149.23 yen JPY=EBS.
Tighter official corrections for the Chinese yuan also weighed on the dollar against Asian currencies and the Australian dollar AUD=D3.
The oil market faces a tense situation ahead of the OPEC+ meeting on November 30, which was originally scheduled to take place on Sunday but was postponed as producers struggled to find a consensus position. Or
Reports suggest African oil producers are seeking a higher cap for 2024, while Saudi Arabia could extend its voluntary production cuts of an additional 1 million bpd, which are set to expire at the end of December.
“Saudi Arabia and OPEC+ face a challenge in convincing markets they can help keep oil markets tight into 2024,” CBA commodity analysts wrote in a note.
“OPEC+ will need to show significant supply discipline, or at least the ability to do so, to ease market concerns of huge surpluses in oil markets next year.”
The uncertainty wiped out early gains and Brent LCOC1 fell 31 cents to $80.27 a barrel, while U.S. crude CLC1 fell 31 cents to $75.23 a barrel.