Oil prices rise on OPEC+ expectations, China demand

Oil prices rise on OPEC+ expectations, China demand

VIENNA — Oil prices rose on Monday on expectations that OPEC+ may keep output stable in February and on a demand uptick coming from China.The price of OPEC basket of 13 crudes stood at $50.24 a barrel on Thursday, Dec. 31, 2020, compared with 50.22 the previous day, according to OPEC Secretariat calculations.Oil prices started the week positively on expectations that OPEC+ will keep output levels unchanged in February and as Chinese oil demand is recording a weather-related uptick, said Rystad Energy's Head of Oil Markets Bjornar Tonhaugen.When OPEC+ decided last month to step in and help the oil market again, limiting its planned output boost to just 500,000 barrels for January, prices grew on the bullish news as the group addressed demand concerns. OPEC's decision had left room for uncertainty though, as it left the output of following months open to discussion, added Tonhaugen.“Russia has reasons to support a 500,000 bpd maximum increase and so likely do some others including the UAE, while Saudi Arabia seems less eager to taper given