UPDATE 11-Oil prices fall as OPEC+ output talks uncertain

* OPEC+ postpones talks to Dec 3 due to disagreements -
sources
* Prices jump about 27% in biggest monthly gains since May
* Virus surge unlikely to hurt rebalancing - Goldman Sachs

(Adds details about delayed OPEC discussion)
By Laila Kearney
NEW YORK, Nov 30 (Reuters) - Oil edged lower on Monday on
uncertainty about whether the world's major oil producers would
agree to extend its deep output cuts at talks this week.
The day's decline came after a strong month for crude
benchmarks, which jumped about 27% in their biggest monthly
gains since May on hopes for forthcoming vaccines for COVID-19
that would presumably help economic activity and oil demand
resume.
Brent crude for January delivery LCOc1 , which expires on
Monday, settled at $47.59 a barrel, dropping 59 cents, or 1.2%.
The more actively traded February Brent contract LCOc2 was
down 37 cents at $47.88.
U.S. West Texas Intermediate crude for January delivery
CLc1 settled at $45.34 a barrel, down 19 cents, or 0.4%.
The market was waiting on the Organization of the Petroleum
Exporting Countries and its allies to come to agreement over
whether to pare their supply cuts from the current 7.7 million
barrels per day.
However, OPEC+ delayed talks on 2021 oil output policy to
Thursday, three sources told Reuters, as key players were still
in disagreement on how much oil they should pump amid weak
demand.
OPEC+, which includes the Organization of the Petroleum
Exporting Countries, Russia and other allies, had been scheduled
to hold its meeting on Tuesday at 1300 GMT after discussions of
key ministers on Sunday failed to reach a consensus.
The group was scheduled to ease current production cuts by 2
million bpd from January, but with demand still under pressure
from the coronavirus pandemic, OPEC+ has been considering
extending current cuts into the first months of next year, a
position backed by defacto OPEC leader Saudi Arabia, sources
said.
Oil prices have climbed this month as COVID-19 vaccine
developments raise hopes for an economic recovery that could
boost fuel demand.
"If we get to the point of an emergency vaccine approval,
that would be supportive, but the market understands that for
the next couple weeks we're going to need some support from
OPEC," said Phil Flynn, senior analyst at Price Futures Group in
Chicago.
A Reuters poll of 40 economists and analysts forecast Brent
would average $49.35 a barrel next year, estimating that prices
would have some trouble sustaining a rally.
Demand has recovered in Asia but not Europe and the
Americas, presenting OPEC+ with a "challenging choice on whether
to delay or bring back more oil," said FXTM analyst Hussein
Sayed.
Goldman Sachs said a winter surge in COVID-19 cases would
not prevent the oil market rebalancing as a result of vaccine
progress. It saw Brent rising to $65 in 2021. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Brent and WTI price forecast for 2021 https://tmsnrt.rs/36dMmTh
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