© Reuters. NYMEX crude rebounds in Asia Investing.com – Crude oil rebounded in Asia on Monday with an OPEC meeting this week in focus for statements on demand and supply in the coming year, though no cut to production levels is expected for now.
On the New York Mercantile Exchange, crude oil for delivery in January rose 0.35% to $ 41.86 a barrel.
In Japan, for October rose 1.4% month-on-month, below the 1.9% gain seen, while jumped 1.8%, well above the 0.8% year-on-year increase expected.
In the week ahead, investors will focus on Friday’s U.S. report for November, the last jobs report before the Federal Reserve decides on interest rates at its December 15-16 meeting.
The outcome of Thursday’s meeting will also be in focus amid speculation the central bank could ramp up its monetary stimulus program.
On Monday in the euro area, Germany is to release preliminary data on inflation as well as a report on .
The U.S. is to publish a report on manufacturing activity in the as well as private sector data on pending .
Last week, oil prices fell sharply in low-volume trade on Friday, as concerns about a global supply glut continued to pressure prices. The possibility of higher interest rates in the U.S., a stronger U.S. dollar and slower global economic growth, especially in China, further weighed.
The U.S. Energy Information Administration said that rose by 961,000 barrels last week, the ninth straight weekly gain. Total oil inventories stood at 488.2 million barrels, remaining near levels not seen for this time of year in at least the last 80 years.
Elsewhere, on the ICE Futures Exchange in London, for January delivery sank 60 cents, or 1.32%, on Friday to close the week at $ 44.86 a barrel.
Energy traders kept a close eye on geopolitical concerns surrounding Turkey and Russia in the wake of Turkey’s downing of a Russia fighter jet on the Syria border earlier in the week.
While Syria is not a major oil producer, investors fear that the conflict could spill over to affect oil supplies in nearby countries.
The oil market has been on the defensive in recent months amid uncertainty about how quickly the global glut of crude is set to shrink.
The will meet on Friday, December 4 to review their output strategy. Most market analysts expect the oil cartel to keep their production quota unchanged despite falling prices.
Russia said it will not send high-ranking officials to the OPEC meeting, adding to expectations for no action.
Senior OPEC officials were quoted in recent days saying the group is unlikely to waver from its no-cut policy unless non-OPEC producers, such as Russia, were also in sync with the plan.
Global crude production is outpacing demand following a boom in U.S. shale oil and after a decision by OPEC last year not to cut production in order to defend market share.
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NYMEX crude rebounds in Asia, OPEC assembly attracts consideration
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