Brent crude also briefly traded higher, but was down 47 cents, or 0.6%, at $83.16 a barrel, after falling more than 3% to $80.61 during the session, a low since on January 4, 2022.
Both contracts, which hit 10-month lows last week, have suffered three consecutive weeks of declines.
“There are rumors that OPEC+ is already starting to float the idea of a production cut on Sunday”said Matt Smith, principal oil analyst at Kpler. “That has helped reverse the losses caused overnight by the Chinese protests.”
The Organization of the Petroleum Exporting Countries and its allies, including Russia, a group known as OPEC+, will meet on December 4. In October, OPEC+ agreed to reduce its production target by 2 million barrels per day until 2023.
Rumors of a possible cut reversed an earlier drop on news that hundreds of protesters and police clashed in Shanghai on Sunday night, as protests against COVID restrictions erupted for a third day and spread to several cities. .
China has upheld President Xi Jinping’s zero-COVID policy, even as much of the world has lifted most restrictions.
Source: Ambito
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