Oil jumps as investors remain hopeful of OPEC+ curbing supply
- Date: 16-Nov-2020
- Source: Gulf Today
- Sector:Oil & Gas
- Country:uae-top-picks
Oil jumps as investors remain hopeful of OPEC+ curbing supply
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.
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OPEC+ has reduced production by 7.7 million barrels a day with a rate of 101% in October. It has plans on