Oil futures rose Monday, attempting to rebound from the biggest weekly fall since mid-July as investors gauged the demand outlook.
West Texas Intermediate crude for November delivery CLX19, +1.23% rose 67 cents, or 1.3%, to $53.48 a barrel. The U.S. benchmark snapped an eight-day losing streak on Friday but suffered a 5.5% weekly pullback — its largest since the week ended July 19.
December Brent crude BRNZ19, +0.93%, the global benchmark, rose 62 cents, or 1.1%, to $58.99 a barrel. Brent declined 4.4% last week.
Investors are awaiting updates to global oil demand forecasts from the Organization of the Petroleum Exporting Countries on Thursday and the International Energy Agency on Friday, analysts said. They’re also gearing up for scheduled talks between U.S. and Chinese trade negotiators at the end of the week.
“Most market observers are still expecting demand to pick up momentum again. That said, this will require a solution to the U.S.-Chinese trade conflict to be found in the near future. Thus the trade talks at the end of the week will be watched extremely closely,” wrote analysts at Commerzbank, in a Monday note.
November natural-gas futures NGX19, -2.00% were up 1.5% at $2.316 per million British thermal units.