70 dollars a barrel in 2019? Oil price rises after "Black Friday"

Oil prices rose more than 2% on Monday, after dropping to their lowest level this year.

• Futures contracts for Brent added $ 1.68 to $ 60.48 per barrel, up 2.9%.

• For its part, WTI crude rose 2.4%, or $ 1.21, to $ 51.63 per barrel.

In this way, prices have recovered some of the heavy losses of Friday, when they reached its lowest level since October 2017in the midst of growing fears of oversupply. Brent fell to 58.41 dollars a barrel, while WTI dropped to 50.15 dollars.

Monday's recovery was, however, constrained by uncertainties about global economic growth and new signs of increased supply, including record production in Saudi Arabia, which reached between 11, 1 and 11.3 million barrels. by day in November, according to an industry source, quoted by Reuters.

$ 70 a barrel in 2019

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

Goldman Sachs predicts that this week's G20 meeting could be an event catalyst for commodity price growthand that OPEC and other countries will reach an agreement that will lead to market recovery.

"Although we did not believe that the price of Brent, at $ 86 a barrel, was justified, we do not believe it at $ 59," said Goldman, who forecasts a price of $ 70 per barrel in 2019 for this crude.