Oil rebounds from 14-month lows ahead of OPEC's meeting

Oil futures rose in American trade with US crude climbing off October 2017 lows, while Brent rebounded from the same month, as the dollar index fell off November 13 highs in a day that lacks major data releases from the US. 

As of 07:32 GMT, US crude futures due in January rallied 0.70% to $53.32 a barrel, while Brent February futures advanced 0.79% to $62.18 a barrel, as the dollar index shed 0.07% to 96.97 off three-week highs. 

UAE oil minister and current President of OPEC Suhail Al Mazroui said OPEC aims to balance and stabilize prices, noting the importance of reaching consensus between all members of the organization, and asserting the need to cut market supplies. 

Saudi oil minister Khalid Al Falih said it's too early to say OPEC will cut output next year, adding to agreement has been reached on the size of such a potential cut. 

He added that Russia's position is the only hurdle to reach an agreement, with OPEC expected to delay a decision if Russia refused a large-scale production cut. 

On another note on Sunday, the White House released a statement of the dinner attended by world leaders at the G20 Summit, with both President Donald Trump and Xiu Jinping discussing the trade dispute between the two countries. 

The statement noted that Trump agreed to hold off raising tariffs on $200 billion worth of Chinese product by January 2019, as US and Chinese officials will continue to negotiate the hanging trade issues in the next 90 days. 

Trump and Jinping reached an agreement to hold off the reciprocal tariffs for three months until negotiations progress far enough. 

US output rose to a record 11.7 million bpd last month month, making America the world's top producer. 

Iran Sanctions 

Otherwise, as US sanctions went into effect on Iranian oil exports starting November 4, eight countries were granted waivers for 180 days, mainly China, India, South Korea, Japan, Italy, Greece, Taiwan, and Turkey, already the largest importers of Iranian oil.