Crude oil futures - weekly outlook: November 17 - 21

Investing.com - Oil futures bounced off a four-year low on Friday to settle more than 2% higher amid speculation that the Organization of the Petroleum Exporting Countries will cut production to support the oil market when it meets later this month.

On the ICE Futures Exchange in London, Brent for January delivery jumped $1.92, or 2.48%, on Friday to settle at $79.41 a barrel by close of trade.

London-traded Brent futures fell to a session low of $76.76 a barrel earlier in the day, a level not seen since October 2010.

Despite Friday's strong gains, the January Brent contract fell $3.98, or 4.47%, the eighth straight weekly loss.

Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in December tacked on $1.61, or 2.17%, on Friday to end the week at $75.82 a barrel.

Nymex oil fell to $73.25 a barrel earlier in the session, the lowest level since September 2010.

Despite Friday's upbeat performance, New York-traded oil futures lost $2.83, or 3.59%, the seventh consecutive weekly decline.

Meanwhile the spread between the Brent and the WTI crude contracts stood at $3.59 a barrel by close of trade on Friday, compared to $4.74 in the preceding week.

London-traded Brent prices have fallen nearly 32% since June, when it climbed near $116, while WTI futures are down almost 30% from a recent peak of $107.50 in June.

Concerns over weakening global demand combined with indications that OPEC producers will not cut output have weighed on prices in recent months.

Oil ministers from Iran, Libya, Venezuela, Ecuador and Algeria have asked for action to prevent further price declines, while Saudi Arabia and Kuwait have resisted calls to lower production.

The 12-member oil cartel is scheduled to meet in Vienna on November 27 to discuss whether to adjust their production target for 2015.

In the week ahead, investors will be focusing on Wednesday’s minutes of the Federal Reserve’s October meeting and Thursday’s report on the U.S. consumer price index. Data on euro zone manufacturing activity will also be closely watched.

A report from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers decreased their bullish bets in New York-traded oil futures in the week ending November 11.

Net longs totaled 182,490 contracts as of last week, up 8% from net longs of 167,906 in the preceding week.