US oil prices were rebounding on Monday after last week saw the worst one-day loss to the futures contract in about three years as investors tackled supply issues ahead of the meeting. OPEC.
Prices seem to recover part of their heavy losses late last week, but "the downward pressure of oil is still there from an increase in supply and a slowdown in demand growth, which should result in an oil supply in the year that comes, "analysts said. at ICICI Bank wrote in a note on Monday.
January West Texas Intermediate crude
CLF9, + 2.94%
rose $ 1.70, or 3.4 percent, to $ 52.12 a barrel on the New York Mercantile Exchange. In a shortened holiday session on Friday, the contract fell 7.7% to settle at $ 50.42, marking the worst session since July 6, 2015 and the lowest settlement since October 9, 2017, according to the Dow Jones Market Data. It also marked the weekly seventh-straight fall – a fall of 10.6%.
Jan Brent Global Reference
LCOF9, + 3.25%
also rose on Monday, rising $ 2.10 or 3.6 percent to $ 60.90 a barrel on ICE Futures Europe after closing 6.1 percent to $ 58.80 a barrel on Friday. Brent lost almost 12% during the week.
More risky assets such as oil and stocks, which were also hurt last week, could get a boost if a high-risk meeting between President Donald Trump and Chinese President Xi Jinping in the Group of 20 in Argentina, yield a long-advance commercial advance.
Read: Stock indices record worse on Thanksgiving week since 2011 – all three fall at least 3.5%
"Next to [the] At the G-20's Xi-Trump meeting, today's gossip is revolving around oil ministers from Saudi Arabia and Russia planning a trip to Buenos Aires, raising some hopes that some kind of rebalancing agreement will materialize, "said Stephen Innes. of Asia Pacific trading at Oanda in a note to customers.
The oil market is awaiting a meeting of members of the Organization of Petroleum Exporting Countries scheduled for Dec. 6, which is being overshadowed by worries of an imminent global oil surplus. The cartel may be considering a solution to rebalance supply but prevent prices from jumping higher, keeping output targets down by 2016, The Wall Street Journal quoted sources as saying.
Among other contracts, December's natural gas
continued to fall on Monday, falling 14.6 cents, or 3.4%, to $ 4.162 per million British thermal units, after a 0.8% increase last week despite a fall of more than 3% on Friday.
RBZ8, + 4.15%
rose 4 percent to $ 1.447 per gallon after a decline of 11.8 percent last week, the biggest percentage decline since February 2016. The contract fell nearly 8 percent on Friday, the largest percentage decline since February 2 of 2009.
December heating oil
HOZ8, + 1.61%
rose 1.7 percent to $ 1,908 after falling 9.5 percent last week. The contract stabilized at 4.8 percent to $ 1.8762 per gallon on Friday, the lowest deal for a first-month deal since March.
Providing critical information for the US trading day. Subscribe to MarketWatch's free newsletter, Need to Know. Sign here.