Oil prices advance as OPEC+ sets to meet
- 17 Nov 2020
Gulf Today Report
Oil prices rose on Tuesday on the hope that OPEC+ will hold out production cuts for at least three months.
Brent crude futures for January rose 26 cents, or 0.6%, to $44.08 a barrel by 0535 GMT and US West Texas Intermediate crude for December added 18 cents, or 0.4%, to $41.52 a barrel.
Jeffery Halley, senior market analyst at OANDA said, "Moderna's vaccine announcement had probably its largest effect on oil out of the main asset classes, almost certainly put a long-term floor under oil prices".
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In a note, Stephen Innes, chief global markets strategist at axi said, with different COVID-19 vaccines in the making, mobility would probably return to pre-pandemic levels in 2021 in terms of oil.
The OPEC+ is set to hold meetings on Nov. 30 and Dec.1. One of the agendas is delaying the scheduled January increase in oil output.
