Oil prices rebound after sharp decline

Oil prices rebounded from the multi-years' low Monday after the heavy selloff of last week prompted by OPEC's no production cut decision.

Crude prices plummeted around 10 percent last week after the Organization of Petroleum Exporting Countries (OPEC) decided not to cut oil output on Thursday's meeting in Vienna.

OPEC pumps a third of the world's crude. The group maintained its collective production ceiling of 30 million barrels a day.

OPEC said, ample supply, moderate demand, a stronger U.S. dollar and uncertainties about global economic growth have been key factors in this recent price trend. In addition, as OPEC has noted in the past, the impact of speculative activity in the oil market has also been an important factor.

Analysts expected the low price could curb some high-cost shale oil production and make the supply and demand meet in future.

U.S. oil production rose to 9.08 million barrels a day in the week ended Nov. 21, the highest level in weekly records dating back to 1983, according to the data from the Energy Information Administration.

The weak U.S. dollar also helped to support the crude prices. U. S. dollar declined against other currencies amid weak data. A softer greenback made the dollar-priced crude less expensive and more attractive to buyers holding other currencies.

Light, sweet crude for January delivery gained 2.85 dollars to settle at 69.00 U.S. dollars a barrel on the New York Mercantile Exchange,while Brent crude for January delivery increased 2.39 dollars to close at 72.54 dollars a barrel.