Oil prices steady as markets await OPEC+ meeting outcome
- 20 Nov 2020
Picture used for illustrative purpose. File
Gulf Today Report
Oil prices remain the same, rising for a third consecutive week due to hope that OPEC+ would delay the increase in output.
Brent crude futures were up 5 cents, or 0.1% to $44.25 a barrel at 0505 GMT. The more active US West Texas Intermediate (WTI) crude contract remained unchanged at $41.90 a barrel.
READ MORE
Oil slumps as COVID-19 cases surge
Boeing gets green signal to fly 737 MAX again
The WTI contract for November, which expires on Friday, was also flat at $41.74 per barrel.
As virus cases increase, the oil market gains are trimming, said Stephen Innes, chief global market strategist at Axi.
OPEC+ is set to hold a full ministerial meeting by ending of the month.