Crude prices bounce back after week of steep drops
On Monday, crude prices soared more than 1%, with market participants citing opportunistic buying after steep dips in the previous week, which brought prices to their lowest since early August due to everlasting poor fundamentals.
International Brent crude futures were worth $46.20 per barrel, rising 1.36%, from their previous close. On Friday, the global benchmark had fallen as low as $45.08, its weakest outcome since August 11.
American West Texas Intermediate crude futures added 1.5%, trading at $44.72 a barrel. On Friday, WTI reached $43.57, the lowest value since September 20.
The previous week's losses turned to be the steepest since January, and took almost 15% off a one-year peak for Brent at $53.73 per barrel, which was achieved in the first-half of October.
Overall market fundamentals are still poor.
Financial experts told that a planned production cut to be decided during a gathering on November 30 by countries from the OPEC as well as non-OPEC producers such as Russia was facing hurdles.