Oil prices slipped on Monday, with Brent falling toward $80 a barrel, as investors waited for an OPEC+ meeting later this week for an agreement expected to curb supplies into 2024. OPEC’s leading crude producer, Saudi Arabia, has insisted that the group will cut production, but the exact size of the cuts has yet to be decided. The meeting has been delayed, with OPEC now saying it will take place on Thursday — online rather than in person in Vienna — and is expected to focus on rolling over existing curbs and possibly deepening them.

OPEC and its allies, including Russia, have already reduced output by more than 3 million barrels per day this year. The group is trying to boost prices by reducing supply and reversing a glut in the global market.

However, the decision to postpone the OPEC+ meeting has added to uncertainty in the market, as it has become clear that the producers are split over how to proceed. Saudi Arabia is pushing for deeper cuts, while Angola and Nigeria are reluctant to give up some of their current output levels. In addition, the escalation of tensions between Israel and Hamas is creating fears that a Middle East conflict could disrupt the oil supply.

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Oil futures slipped after the delay to the meeting was announced, with investors expressing doubt that the group could agree on an extension of existing crude production cuts. Traders also cited uncertainty about the economic outlook, as the latest U.S. jobs data was less favorable than expected. China’s upcoming PMI reading may reveal downside risks to growth in the world’s biggest energy consumer.

Investors are also bracing for the Federal Reserve’s monetary policy decision on Wednesday, which could also affect the price of crude. The Fed is widely expected to leave interest rates unchanged and reiterate its “high-for-longer” stance, but traders will be watching for any clues about whether it may slow or pause the pace of rate increases next year.

In the commodities space, precious metals were lower, with platinum dropping more than 1% and palladium losing almost 2%. Copper retreated from record highs after the disappointing factory activity data release in China, while gold was under pressure as the dollar strengthened. Investors were also weighing the implications of Iran’s return to uranium enrichment after the United States imposed sanctions on Tehran. The move is aimed at stopping Iran from developing nuclear weaponry, which would violate the terms of a 2015 agreement between the two countries. Gold was down 0.3% at $1,234.40 an ounce. Palladium was down 1.5% at $153.10 an ounce, and copper was off 1% to $2.06. A stronger dollar makes the commodity more expensive for foreign buyers.