Oil prices rebounded as expectations of another output cut and market-friendly rate cuts boosted investor confidence. The delay in the OPEC meeting and uncertainty in the oil market have contributed to losses in Asian stocks. However, hopes of rate cuts and cooling inflation have been driving world stock markets. US consumer confidence rose more than expected in November, and higher sales were reported over the Black Friday shopping weekend. The delay in the OPEC meeting is seen as a negative sign for oil bulls. The Saudis and Russia are considering announcing a further reduction in output to support prices amid slowing economies and softening demand. Despite previous gains from supply cuts not being sustained due to negative market cues, the possibility of additional output cuts has helped oil prices rebound. Saudi Arabia's economic contraction eased in the first three months of the year as ongoing oil production cuts acted as less of a drag on the oil economy [e033e76c].