⁍ Oil prices moved in and out of negative territory on Friday but remained on course for a second monthly fall.

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⁍ Brent crude LCOc1 was down 17 cents at $37.48 a barrel by 1345 GMT after touching a five-month low of $36.64 in the previous session.

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⁍ The December Brent contract expires on Friday and the January contract LCOc2 was down about 40 cents.

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– Oil prices have fallen to five-month lows, and they’re on track for a second monthly drop, Reuters reports. The Organization of the Petroleum Exporting Countries and allies including Russia had planned to raise output by 2 million barrels per day in January. However, top producers Saudi Arabia and Russia are in favor of maintaining the group’s current output reduction of about 7.7 million bpd into next year in the face of lockdowns in Europe and rising Libyan oil output. OPEC+ is scheduled to hold a policy meeting over Nov. 30 and Dec. 1. “The outcome has the potential to send oil prices $10/bbl in either direction,” PVM analysts said.