Brent and NYMEX rebound in Asia
On Monday, crude prices rebounded in Asia, as traders bet nervously on a a down-to-the-wire verdict by the OPEC to curb production as proposed.
American crude prices ascended 0.24% to $46.17 a barrel in New York, while global benchmark Brent futures managed to acquire 0.29%, reaching $48.38 a barrel.
The previous week, crude prices dipped steeply on Friday amid uncertainty as for whether the Organization of the Petroleum Exporting Countries can come to a compromise to cut output and prop up markets.
Doubts as for whether key global exporters will be able to reach an agreement on November 30 to restrict output also kept traders on the sidelines. On Wednesday, the OPEC is to hold a gathering in Vienna aimed at finalizing the details of a proposed production cut, which it’s hoped will diminish a global supply glut, which has pressured crude prices lower for more than two years.
The producer cartel is currently trying to get its 14 member states as well as non-OPEC member Russia, to implement coordinated output cuts.