Oil rose along with Asian equities on signs of a slow recovery in China’s economy,as traders look to Thursday’s OPEC+meeting for further direction.

Brent futures traded around$72 a barrel after slipping 3%last week,with West Texas Intermediate above$68.China’s factory activity expanded for a second month in November,a tentative sign of recovery in the biggest crude importer after a raft of stimulus measures were announced in late September.Meanwhile,OPEC+delayed their meeting on supply by four days.

Traders will look for clues on future policy at the gathering,where the group is widely expected to delay a slight increase of production for a third time.Oil has been trading in a range of less than$6 since mid-October,buffeted by geopolitical developments in the Middle East and Russia,the prospect of another Trump presidency and the outlook in China.

“Oil prices remain largely range-bound,with plenty of uncertainty heading into the OPEC+meeting,”said Warren Patterson,head of commodities strategy for ING Groep NV.“While the market does not need additional supply from the group next year,the challenge is finding a balance between trying to support the market and limiting its loss in market share.”

Meanwhile,the dollar was higher after US President-elect Donald Trump warned BRICS nations not to create an alternative currency to the greenback.

In the Middle East,a truce between Israel and the Iran-backed Hezbollah appeared to be holding,although both sides had traded accusations of violating the cease-fire deal.Also,Tehran has pledged to help Syria’s government after insurgents seized the country’s second-largest city,Aleppo,in an escalation of fighting.

（Picture: Veer）