Global benchmark oil prices are expected to open lower on Monday as a dispute between top crude exporters Russia and Saudi Arabia raises concerns of another collapse in talks to curb production at a meeting this week.
FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant
The sharp rebound from weeks of losses came after U.S. President Donald Trump said Moscow and Riyadh would negotiate to end a price war that slashed prices by more than half last month. Trump has, however, made no commitment to take the extraordinary step of persuading U.S. companies to cut output. On Friday, Brent crude futures LCOc1 rose 13.9%, or $4.17 a barrel, to settle at $34.11. U.S. West Texas Intermediate crude CLc1 rose $3.02, or 11.93% to settle at $28.34.
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