Brent oil exceeds $60 after 11% slump

Brent oil exceeds $60 after 11% slump

Bent oil price rebounded today after slumping 11% last week amid concerns that excess supply and the weakening demand side pressures could create a glut next year.

Brent oil futures for February delivery climbed 2.2% to $60.16 per barrel on London’s Intercontinental Exchange.

WTI has now lost 34% of its value from its peak on October 3 to the trough on Friday. Brent has fallen as much as 32%.

OPEC ministers will meet in Vienna on December 6 to decide on production policy for the next six months.