Brent crude futures advanced $1.81, or 2.2%, and traded at $85.00 a barrel at 0446 GMT. U.S. West Texas Intermediate crude futures rose $1.37, or 1.8%, to $78.61 a barrel.
Although the market is already correcting itself after a sharp drop, word that the OPEC+ would seriously consider additional production cuts at the upcoming meetings further fuelled the price jump, analysts from Haitong Futures said in a note. The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, are set to hold a meeting on Dec. 4. Analysts at Eurasia Group suggested in a note on Monday that weakened demand out of China could spur OPEC+ to cut output.
But the fear of demand destruction in China kept pressure on the market despite a drop of daily COVID-19 cases on Monday."Bearish moods toward oil prices are spreading in Asia due to concerns about a decline in China's demand while the rare protests over the weekend also raised fears over the impact on Chinese economy," said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd.
But Nigerian reserves are at 'absolute zero'
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Global oil market signals short-term weakness ahead of EU ban on Russian oilThe global oil market is signaling a potential shift, as traders and analysts worry about reduced crude demand and an oversupplied market in the coming months. There is an imbalance between supply and demand with oil and each oil country will value this resource more, it will be difficult for prices to fall. Without Russian oil in Europe, the solution to this problem will not be in the short term.
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