Oil rebounds after dollar’s decline

Oil prices rose during thin trading in early Asian markets on Monday. At the same time, the dollar fell sharply as investors awaited data from China to measure demand in the world’s largest importer of crude oil.

Brent crude futures rose 85 cents, or 0.9 percent, to $92.48 a barrel by 0019 GMT, recovering from a 6.4 percent drop last week.

US West Texas Intermediate crude scored $86.34 a barrel, up 73 cents, or 0.9 percent, after falling 7.6 percent last week.

China is expected to publish trade and economic data this week. Although China’s third-quarter GDP growth may rebound from the previous quarter, Xi’s tough COVID-19 policy has left the world’s second-largest economy facing what is likely to be its worst annual performance in nearly half a century.

On Sunday, countries from the OPEC + group expressed their support for the decision to cut production that was approved this month, after the United States said that Saudi Arabia had pushed some countries in the group to take this decision, in an escalation of a war of words with Riyadh.

OPEC + pledged to cut production by two million barrels per day on the fifth of October, which will lead to an actual decrease of about one million barrels per day because some members are already producing less than the target level.