Oil prices rose more than 2% on Monday after falling to the lowest level this year on Friday.
- Brent crude futures reached $ 60.48 per barrel, adding $ 1.68, and showed an increase of 2.9%.
- As part of this, WTI registered crude oil, 2.4 percent or $ 1.21, of $ 51.63 per barrel.
In this way, prices reached some amount of Friday's heavy losses. The lowest level since October 2017for the fear of excessive supply. Brent fell to $ 58.41 per barrel, WTI $ 50.15 & # 39; a fell.
However, the uptrend on Monday was limited to new signs of increase in supply, including the record generation of Saudi Arabia, which had uncertainty about world economic growth and between 11.1 and 11.3 million barrels. According to an industry source transmitted by Reuters, it is daily in November.
$ 70 per barrel in 2019
The current supply of crude oil is growing faster than demand, and in an attempt to maintain a global surplus, the Organization for the Organization of Petroleum Exporting Countries (OPEC) is expected to agree to reduce production at its next official meeting on December 6.
For his part, Goldman Sachs predicts this week's G20 meeting could be catalyst for growth in raw material pricesOPEC and other countries will reach an agreement that will lead to a market improvement.
Or We do not believe that Brent prices are 86 dollars per barrel, but we do not believe that they believe they are worth $ 59, dol says Goldman, and in 2019 he estimates a price of $ 70 per barrel for this raw material.