$ 70 a barrel in 2019? The price of oil rises after the Black Friday & # 39;



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Oil prices rose more than 2 percent on Monday after falling last Friday to the lowest level this year.

  • Brent crude oil futures rose $ 1.68 to $ 60.48 a barrel, up 2.9%.
  • In turn, WTI oil grew 2.4 percent, or $ 1.21, to $ 51.63 a barrel.

In this way, prices recovered some of Friday's heavy losses, its lowest level since October 2017, amid growing fears of oversupply. Brent fell to $ 58.41 a barrel while the WTI fell to $ 50.15.

However, the recovery on Monday was limited by uncertainty over world economic growth and new signs of an increase in supply, including Saudi Arabia's record output of between 11.1 and 11.3 million barrels. per day in November, according to an industry source quoted by Reuters.

US $ 70 per barrel in 2019

The current oil supply is growing faster than demand and to try to contain a global surplus, the Organization of the Petroleum Exporting Countries (OPEC) must agree to reduce production at its next official meeting on December 6.

For its part, Goldman Sachs predicts that the G20 meeting this week could be a catalyst for growth in commodity pricesand that OPEC and other nations will reach agreement, which will lead to a recovery of the market.

"Although we do not believe Brent's prices at $ 86 a barrel are justified, we do not believe they are at $ 59," said Goldman, who predicts a price of $ 70 per barrel in 2019 for that marker.

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