Oil attempts gains on stalled USD rally, fall in China output

Oil prices on both sides of the Atlantic paused its losing streak this Monday, and now attempt a minor-bounce amid falling Chinese oil production and stalled US dollar rally.

Brent near $ 45

Currently, both crude benchmarks trade range-bound-to higher, with Brent around $ 44.80 while WTI hovers near 43.40. Oil prices kicked-off the week on a bearish note, extending declines for third straight session; however, the bears soon lost control amid a pause in the broad based US dollar rally, backed by strengthening treasury yields on a Trump victory last week.

While latest reports showed that the Chinese oil production dropped sharply in Oct, which offered brief respite to the oil markets. China's October's crude oil production was down 11.3 percent from the same period last year to 16.05 million tonnes, or 3.78 million barrels per day, data from the national statistics bureau showed.

However, further recovery appears to lack follow-through as oversupply worries continue to plague markets, while increased doubts whether the OPEC will reach an output cut deal later this month at the Vienna meeting, also keep the bearish pressure intact behind the black gold.

Further oil services company Baker Hughes Inc that showed on Friday that the US drilling rigs rose by two in the week to Nov. 11 to 452 rigs, an increase in 21 weeks out of the last 24, Reuters reported.