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Oil rebounds in Asia with eyes on OPEC gathering
On Monday, oil rebounded in Asia ahead of a July 24 gathering on OPEC as well as allies to review progress on output drops.
September delivery American West Texas Intermediate crude futures leapt 0.15% hitting $45.84 a barrel. In London, September delivery Brent crude futures grew 0.21% being worth $48.16 a barrel.
On Wednesday, the major US bank will provide its fresh view on rates ahead of the first look at American second quarter surge on Friday.
Last week, on Friday, oil prices settled lower for the second trading session in a row, concluding at its weakest level in nearly a week because market sentiment soured amid signs that supply from OPEC was braced for climbing notwithstanding the cartel's agreement to tame output.
On Friday, crude declined after tanker-tracking firm PetroLogistics informed that in July crude output from OPEC members was expected to soar by 145,000 barrels a day from last month.
Three main drivers of the market: the stimulus package, the US presidential election and the coronavirus. Let's look how market reacts.
The US Department of Justice thinks 87% a market share is too much for Google alone. The market thinks it's ok.
EU Flash Manufacturing & Services PMI will come out on Friday at 11:00 MT time!