On the first day of the business week, oil prices slipped as traders aim for the OPEC technical meeting this week.
According to the details, the meeting is expected to ease the supply cuts that have been holding up crude prices.
Brent crude decreases 27 cents to $42.97 a barrel while US West Texas Intermediate crude was at $40.27 a barrel, falling 28 cents.
In addition to this, OPEC’s Joint Ministerial Monitoring Committee (JMMC) will meet on Tuesday and Wednesday this week to recommend the next level of cuts.
OPEC and Russia expected to ease their supply cuts as global oil demand has recovered and prices have bounced back.
Asian Shares Up
On the other hand, Asian Shares rose on Monday, despite the grim situation around the world amid the COVID-19 outbreak.
Japan’s benchmark Nikkei 225 climbed 1.7% to 22,675.31.
South Korea’s Kospi gained 1.2% to 2,176.69.
Australia’s S&P/ASX 200 added 0.9% to 5,972.40.
Hong Kong’s Hang Seng rose 0.4% to 25,817.60, while the Shanghai Composite was up 0.6% at 3,404.71.
On Wall Street, stocks had rallied at the end of a week of volatile trading amid worries that rising coronavirus counts may stop the recent upswing in share prices.
On Friday, the Dow Jones Industrial Average rose 1.4% to 26,075.30 while the Nasdaq composite added 0.7% to 10,617.44, a new high.
The S&P 500 rose 1.1% to 3,185.04. It logged a 1.8% rise for the week, its second straight weekly gain.
Moreover, the Russell 2000 index of smaller stocks rose more than the rest of the market, up 1.7%.
Meanwhile, in energy trading, benchmark U.S. crude oil fell 32 cents to $40.23 a barrel.
It rose 93 cents to $40.55 per barrel on Friday.
Brent crude also fell 32 cents to $42.92 a barrel.