Brent crude futures gained 28 cents or 0.6%, at $44.46 a barrel at 1027 GMT, and were on track for a third consecutive weekly rise following successful COVID-19 vaccine trials, reports Reuters. The U.S. West Texas Intermediate (WTI) January crude contract gained 17 cents, or 0.4%, to $42.07 a barrel, while WTI contract for December, which expires on Friday, was up 2 cents at $41.76. Both benchmarks rose more than 4% this week.
- Renewed hopes that OPEC and allies will keep production in check also bolstered oil prices.
- OPEC and allies will meet on November 30 and December 1 to look at options to delay by at least three months from January or taper the 7.7 million barrels per day (bpd) cuts by around 2 million bpd.
- Oil prices are supported by signs of a stimulus deal in Washington after U.S. Senate Republican Majority leader Mitch McConnell agreed to resume discussions for relief to support the economy.
- Oil prices were capped by renewed lockdowns in several countries and oversupply concerns from Libya, which has raised production to pre-blockage levels of 1.25 million bpd.
Oil futures are currently gaining. CL! is up 0.64%
