Crude oil prices traded in the Green Zone on Monday, offsetting some of the losses suffered during last week’s sell-offs due to fears of oversupply. After falling to a one-year low on Friday.
Crude oil rebounded on Monday in Asia after falling 8% on Friday amid fears of weak demand pressures that could create plenty next year. Brent crude futures rose above $ 60 a barrel. However, crude oil prices remained below 20% last month.
The gains did not make up for Friday’s selloffs, with the US index hitting its worst day in nearly three years amid signs of global stock recovery. Brent lost about 12% during the week.
During the weekend, US President Donald Trump praised the decline in oil prices, claiming that the decline was the result of his efforts to persuade Saudi Arabia to pump more oil.
Meanwhile, market observers expected OPEC’s December meeting, in which major oil exporters could agree to cut output for market stability, but days before policymakers will meet on the sidelines of the G20 summit in Buenos Aires, possibly In which they decide the direction of oil prices in 2019.
Oil trading
