UPDATE 9-Oil slides as OPEC+ delays decision on output cuts

* No consensus yet among OPEC+ producers, sources say
* Formal OPEC+ meeting delayed to Thursday from Tuesday
* Reuters poll sees Brent in 2021 averaging $49.35/bbl
* U.S. crude stocks rose 4.1 million barrels last week -API

(Adds API data, after-market trading in paragraph 3)
By Devika Krishna Kumar
NEW YORK, Dec 1 (Reuters) - Oil prices extended losses to a
second day on Tuesday after OPEC and its allies left markets in
limbo by postponing a formal meeting to decide whether to lift
output come January.
Brent crude LCOc1 ended the session down 46 cents, or 1%,
at $47.42 a barrel, while U.S. West Texas Intermediate CLc1
settled down 79 cents, or 1.7%, at $44.55.
Prices extended losses in post-settlement trade after
industry data from the American Petroleum Institute showed U.S.
crude inventories rose by 4.1 million barrels last week,
compared with analysts' expectations in a Reuters poll for a
draw of 2.4 million barrels. The Organization of the Petroleum Exporting Countries,
Russia and other allies, a group known as OPEC+, delayed talks
on next year's output policy to Thursday from Tuesday, sources
said. OPEC+ had been expected to ease current production cuts of
7.7 million barrels per day (bpd) by 2 million bpd from January.
However, the group has been considering extending existing
cuts of about 8% of global demand into the first months of 2021,
a position backed by de facto OPEC leader Saudi Arabia, sources
say. Russia, meanwhile, backs a gradual increase. Additional supply would undermine a recent rally which saw
prices soar about 27% in November, and some nations are
concerned about lower prices as demand remains weak and COVID-19
infections soar.
"The group will probably find some face-saving compromise,
with a short extension being the most likely outcome followed by
a phased production return," said Helima Croft at Royal Bank of
Canada.
"Nonetheless this latest fracas does not bode well for
collective cohesion in 2021 as vaccine optimism abounds and
producers anticipate a strong recovery," Croft added.
Both benchmarks rallied recently on hopes that COVID-19
vaccines would boost the global economy and fuel demand, aided
by expectations that oil producers would keep a tight rein on
output amid a new wave of the virus.
"The apparent glitches in the OPEC discussions that have
forced a delay in the full OPEC+ zoom meetings until Thursday
have stalled the upward oil price momentum that proved quite
impressive last month," said Jim Ritterbusch, president of
Ritterbusch and Associates.
A Reuters poll of 40 economists and analysts forecast Brent
would average $49.35 a barrel next year. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
GRAPHIC: Brent and WTI price forecast for 2021 https://tmsnrt.rs/36dMmTh
CHART: U.S. oil may rise into $45.88-$46.18 range
Brent oil may rise into $48.42-$49.20 range
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