Brent higher, but WTI declines

Crude oil prices were mixed on Monday ahead of a meeting later in the week of the Organization of Petroleum Exporting Countries. OPEC is scheduled to talk about cutting oil production by 500,000 more barrels per day at the meeting, but reports are now mixed on whether the cartel is likely to make the cut or to leave quotas at their present levels.

Brent crude for January delivery was 30 cents higher by late afternoon in London, trading at $62.60 per barrel. On the other hand, January contracts for West Texas Intermediate crude were down 13 cents to $61.90 per barrel in early afternoon trade on the New York Mercantile Exchange.