The price of a barrel of Brent from the North Sea, for delivery in February, which is the first day of use as a reference contract, rose 1.17% to 72.68 dollars. Its American equivalent, a barrel of West Texas Intermediate (WTI), for delivery in January, gained 1.5% to $68.78.
The increase for the second consecutive month in manufacturing activity in China is a “timid sign of economic recovery after the announcement of a series of recovery measures at the end of September” in the country, analysts explain.
Manufacturing activity in China continued its upward trajectory in November, according to an independent index released Monday. China is the world's largest importer of oil and the price of black gold strongly depends on the economic health of the Asian giant.
The determining factor of the week remains the meeting of the Organization of the Petroleum Exporting Countries and their allies (OPEC+) postponed to Thursday. The cartel must decide whether or not to extend the current production agreement, while the postponement of the meeting, first scheduled for Sunday, seems to be linked to internal differences over the strategy to adopt.
crude Markets expect OPEC+ to extend its current production cuts, “but if it decides to increase supply, we could see a sharp fall in prices,” analysts warn.
With AFP
