International oil prices rebounded after a sharp decline

Affected by investors' expectations of production cuts in major oil-producing countries and the increase in market bargain-hunting operations, international crude oil futures prices rebounded
significantly on November 29 after experiencing a sharp decline at the end of last week.

As of 10:20 Beijing time on the 29th, light crude oil futures for January 2022 delivery on the New York Mercantile Exchange rose by $3.
28, or 4.
8%, to $71.
43 per barrel; UK Brent crude futures for January 2022 delivery rose $3.
03, or 4.
2%, to $75.
75 a barrel
.

Affected by the negative news such as the report of new variant new coronavirus in South Africa and other countries, investors are worried about the prospects of economic recovery, and international oil prices fell
sharply on the 26th.
On the day, the price of crude oil futures on the New York Mercantile Exchange fell by 13.
06%, and the price of Brent crude oil futures in London fell by 11.
59%.

The data showed that this was the largest one-day drop in New York oil prices and Brent oil prices since April 2020
.

Corrective buying supported the rebound
in oil prices as investors believed the oil market was oversold after last week's plunge and speculation that OPEC and non-OPEC producers might cut production due to worsening the pandemic, analysts said.
The main factors expected to affect the market this week include the spread of the new coronavirus variant and its impact on the global economy and fuel demand, as well as how major oil producers adjust their production policies
.

It is reported that OPEC and non-OPEC producers plan to meet this week to decide whether to continue their original gradual production increase plan
.
Some analysts believe that with the recent release of strategic petroleum reserves by some major oil consumers, and the spread of the new variant of the new coronavirus or new lockdown measures, which will affect oil demand, major oil-producing countries may suspend the original production increase plan
.

As the coronavirus pandemic hit oil demand, OPEC and non-OPEC producers reached an agreement last year to cut production by nearly 10 million barrels per day, equivalent to 10%
of global production.
In April, OPEC and non-OPEC producers decided to gradually increase oil production
starting in May.
In July, OPEC reached a deal with non-OPEC producers, agreeing to raise their total output by an average of 400,000 barrels
per day per month starting in August.