Brent crude is trying to recover from the lowest level in 3 years

Brent crude continued to rise as the US market on Monday, to rebound from the 3-year low hit earlier, on the cusp of snapping the 7-day losing streak, thanks to hopes about the OPEC-Plus collation to balance the market by deepening its current output cut in the next meeting later this week.

Brent crude rose to $51.98, after opening at $48.61, and earlier hitting today's low and the lowest since July 24, 2017 at $48.42.

Brent crude futures fell 2.6% on Friday, to post the seventh straight daily loss, as the coronavirus continued to spread in most parts of the world.

Oil prices lost 14.75% during the past week, the largest weekly loss since December 2008, on global demand fears.

Several OPEC members are considering a deeper production cut for the second quarter, to balance the market from the risks of the coronavirus outbreak.

The next meeting will be held next Thursday and Friday in at OPEC headquarters in Vienna, and will include discussion over the latest developments in the market, leading to a final decision on the current cut agreement of 1.7 million barrels, which ends on March 31.

Earlier in February, the OPEC Plus technical committee proposed holding an earlier meeting to deliver a further output cut by 600K bpd until June.

While Russia rejected the proposal for the meeting, and delayed the decision to further deepen the cut to the next meeting in March 5 and 6.

According to news reports, Saudi Arabia is pressing for a cut by about one million barrels per day, to prevent oil prices from falling further and quickly balance the market.

OPEC-Plus is currently implementing a 1.7 million bpd output cut. Should the Saudi proposal gets approved, the total cut will reach 2.7 million bpd in the second quarter.