Monday saw a decline in oil prices, with the benchmark Brent contract falling below $80 per barrel as traders anticipated supply limits through 2024 and looked ahead OPEC+ meeting scheduled this week.

Brent crude dipped 1.1% at $79.67 per barrel meanwhile WTI slumped by 1.2%, to $74.65 per barrel.

Early trading saw both contracts lose $1 after posting their first weekly gains in five the previous week on hopes that OPEC+ could discuss plans to further decrease output and that Saudi Arabia and Russia might extend their voluntary supply restrictions into early 2024.

Nevertheless, prices fell in the middle of the week when OPEC+ postponed a ministerial meeting until November 30 in order to resolve disagreements over output targets for producers in Africa.

According to Goldman Sachs analysts' report, estimated OPEC members' shipments have decreased to 1.3 million bpd below levels in April, in accordance with the group's supply targets.