Crude prices rebound to begin week after worst day of last three years

US oil prices rallied on Monday after last week saw the worst one-day loss for the three-year futures contract, as investors struggled with the problems of the day. Supply before the OPEC meeting.

January West Texas Intermediate Brut

CLF9, + 1.57%

increased by 60 cents, or 1.2%, to $ 51.02 per barrel. Friday, the contract plunged 7.7% to $ 50.42, the worst session since July 6, 2015 and the lowest since October 9, 2017, according to Dow Jones Market Data. It is also the seventh consecutive weekly decline – a decrease of 10.6%.

January Brent Global Benchmark

LCOF9, + 1.99%

The rebound was also up Monday, up $ 1.18, or 2%, to $ 59.98 a barrel, after closing down 6.1% to $ 58.80 a barrel on Friday. Brent lost nearly 12% during the week.

The riskier assets perceived, such as oil and stocks, which were also criticized last week, could be revived if a high-stakes meeting between US President Donald Trump and Chinese President Xi Jinping at the meeting of the Group a 20 in Argentina later in the week commercial breakthrough expected.

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"Next to [the] Today, rumors speak of the Saudi and Russian governments, but the Russian oil ministers have planned to go to Buenos Aires, which gives hope that a rebalancing agreement will succeed, "said Stephen Innes, Oanda's Asia-Pacific Operations Manager, in a note to customers.

The oil market is waiting for a meeting of members of the Organization of the Petroleum Exporting Countries scheduled for December 6, which is overshadowed by concerns over the global oil glut. The cartel may be thinking of a solution to rebalance the supply, but is preventing prices from skyrocketing by maintaining the production targets that had been set in 2016, the Wall Street Journal reported, citing sources.

Among the other contracts, December natural gas

NGZ18, -4.94%

continued to retreat Monday, down 20 cents, or 4.6%, to reach $ 4.1 100 per million British thermal units, after gaining 0.8% last week.

December Essence

RBZ8, + 1.31%

rose 1.6% to $ 1.412 per gallon, following a decline of 11.8% last week, the largest percentage decline since February 2016. The contract fell nearly 8% Friday, its strongest percentage decrease since February 2, 2009.

December oil

HOZ8, + 1.22%

increased by 1.7% to $ 1.9078 after a 9.5% drop last week The contract was settled Friday at $ 1.8762 a gallon, 4.8%, the lowest settlement for a contract at the beginning of the month since March.

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