Oil jumps as investors remain hopeful of OPEC+ curbing supply

SourceGulf Today
SectorOil & Gas
CountryGulf

Oil prices rose on Monday regaining some losses with the prospect of OPEC+ holding current output curbs. Brent crude futures for January advanced 54 cents or 1.3%, to $43.32 a barrel by 07:23 GMT. US West Texas Intermediate crude for December was at $40.76 a barrel up 63 cents. Or 1.6%. Howie Lee, OCBC economist said, "fundamentally China's numbers do support why oil prices can keep at these levels." The Brent and West Texas climbed above 8% on prospect of a vaccine for COVID-19 and OPEC+ maintaining lower output to support prices and boost the economy. READ MORE European shares fall, Asian shares surge as coronavirus cases increase OPEC+ has reduced production by 7.7 million barrels a day with a rate of 101% in October. It has plans on ...read more...