By Gina Lee

Investing.com – Oil was down Monday morning in Asia, with the due to meet for its supply policy meeting where it could decide whether a recent rally in prices is viable.

By 10:50PM ET (2:00 AM GMT), they were down 0.2% at $79.06 and down 0.322% at $75.64. Brent futures reached a three-year high of $80 last week, thanks to a global energy shortage and rising fuel demand.

OPEC+ will meet later today, so risk appetite was “boosted” by investors’ focus on the upcoming OPEC+ meetings.

Numerous countries are pressing the cartel for higher production and lower prices, as oil demand continues its recovery. In July 2021, OPEC+ agreed to increase output by 400,000 barrels each day until April 2022 in order to eliminate 5.8 million bpd from existing cuts.

According to OPEC+ sources, the producers may consider increasing supply beyond that set out by the OPEC+ contract. However, any increase will take effect from November as October’s volumes were already decided at the last OPEC+ meeting in September.

Soaring gas prices, which have increased 300% and are trading around $200 per barrel in comparable terms, capped some of oil’s losses. This increase led to users switching to crude oil to produce electricity and for other industrial purposes.