Oil prices are correcting Friday's supply in Asia, with US WTI moving higher on positive weekend Chinese data, popping around 1.4% and rising from a low of $55.22 to a high of $55.98.

On Friday, WTI was taken down heavily from the $58 handle to a low of $55.01 while investors withdrew the likelihood of a production-cut extension at this week’s OPEC + meeting. 

On the weekend, there were positive news in economic data from China. Both manufacturing and non-manufacturing PMIs jumped significantly in November – analysts at ANZ Bank suggest the data indicates a high possibility of China reaching 6.2% annual GDP growth in 2019.