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2020-11-23 12:45:00

OIL PRICE: NOT BELOW $45

OIL PRICE: NOT BELOW $45

REUTERS - NOVEMBER 23, 2020 - Oil prices rose 1% on Monday, extending gains as traders eyed a recovery in crude demand due to successful coronavirus vaccine trials, and concerns over tensions in the Middle East.

Sentiment was also bolstered by hopes that the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+, will continue to restrain production.

Brent crude futures rose 63 cents, or 1.4%, to $45.59 a barrel by 0733 GMT while U.S. West Texas Intermediate crude gained 49 cents, or 1.2%, to $42.91 a barrel. Both benchmarks jumped 5% last week.

“Positive sentiment continues to be driven by the recent good news about the efficacy of coronavirus vaccines in development and the expectation that the OPEC+ meeting at the end of this month could see the group extend current cuts by 3-6 months,” said Stephen Innes, Chief Global Markets Strategist at axi, a financial services firm.

British drugmaker AstraZeneca said on Monday its vaccine for the novel coronavirus, developed along with the University of Oxford, could be around 90% effective under one dosing regimen.

U.S. healthcare workers and others recommended that the nation’s first COVID-19 inoculations could start getting shots within a day or two of regulatory consent next month, a top official of the government’s vaccine development effort said on Sunday.

OPEC+, which meets on Nov. 30 and Dec. 1, is looking at options to delay by at least three months from January the tapering of their 7.7 million barrel per day (bpd) cuts by around 2 million bpd.

But smaller Russian oil companies are still planning to pump more crude this year despite a global deal to cut production as they have little leeway in managing the output of start-up fields, a group representing the producers said on Friday.

Yemen’s Iran-aligned Houthi group on Monday said it fired a missile that struck a distribution station operated by the Saudi Aramco oil company in Saudi Arabia’s Red Sea city of Jeddah.

There was no immediate Saudi confirmation of the claim made by the group’s military spokesman. Aramco’s oil production and export facilities are mostly in Saudi’s Eastern Province, more than 1,000 km across the country from Jeddah.

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Earlier:

OIL PRICE: NOT BELOW $45
2020, November, 20, 13:40:00
OIL PRICE: NOT BELOW $44
Brent were up 2 cents, or 0.05% at $44.22 a barrel . WTI dipped 4 cents to $41.86 a barrel.
OIL PRICE: NOT BELOW $45
2020, November, 19, 14:35:00
OIL PRICE: NEAR $44 AGAIN
Brent were down 27 cents to $44.07 a barrel . WTI slipped 43 cents to $41.39 a barrel.
OIL PRICE: NOT BELOW $45
2020, November, 19, 14:30:00
RUSSIA, SAUDI ARABIA STRATEGIC PARTNERSHIP
The Kingdom remains Russia’s strategic partner. We are looking forward to a long-term partnership with Saudi Arabia on the Sputnik V vaccine.
OIL PRICE: NOT BELOW $45
2020, November, 19, 14:25:00
U.S. OIL INVENTORIES UP 0.8 MB TO 489.5 MB
U.S. commercial crude oil inventories increased by 0.8 million barrels to 489.5 million barrels
OIL PRICE: NOT BELOW $45
2020, November, 18, 14:40:00
OIL PRICE: NEAR $44 ANEW
Brent rose 22 cents, or 0.5%, to $43.97 a barrel . WTI climbed 6 cents, or 0.1%, to $41.49 a barrel.
OIL PRICE: NOT BELOW $45
2020, November, 18, 14:35:00
OPEC+: 101%
The Committee reviewed the crude oil production data for October 2020 and welcomed the positive performance in the overall conformity level for participating OPEC and non-OPEC Countries, at 101 per cent.
OIL PRICE: NOT BELOW $45
2020, November, 17, 13:20:00
OPEC+ CUTS PRODUCTION
OPEC+ ministers are weighing whether to relax their current 7.7 million b/d in collective production cuts to 5.8 million b/d as originally scheduled, maintain them at the same level for a few months, or even deepen them.
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Tags: OIL, PRICE, BRENT, WTI