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Oil prices rebound amid Cyber Monday boost

2018-11-27 08:54

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Oil prices jumped on Monday, as U.S. largest online shopping day boosted stock markets and investors anticipated an OPEC meeting next week to cut output worldwide.

Oil prices tumbled to the lowest level since last October due to overwhelming fears of oversupply. Yet crude futures were driven up by the rallying equities market, as Cyber Monday kicked off, with shoppers expected to pack online sites.

Besides, investors are widely expected output cut as OPEC, led by Saudi Arabia, plans to hold a meeting on Dec. 6 to reverse falling oil prices amid possible supply surplus and softening demand.

Goldman Sachs said Monday in a research report that an agreement is possible between OPEC and other nations, which will bolster Brent crude, which is more closely linked to OPEC output.

During the G20 Summit scheduled for Nov. 30-Dec. 1, leaders of world's top oil producers, including Russian President Vladimir Putin, Saudi Crown Prince Mohammed bin Salman and U.S. President Donald Trump, are largely expected to meet in Argentina.

Goldman regarded the G20 meeting this week as a possible "catalyst for a rebound in commodities prices," which might as well ease U.S.-China trade frictions and push for a pullback in future oil productions.

The West Texas Intermediate for January delivery was up 1.21 U.S. dollars to settle at 51.63 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery rose 1.68 dollars to close at 60.48 dollars a barrel on the London ICE Futures Exchange.
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