Thu. Nov 26th, 2020

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Oil prices are edging up

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Oil prices edged higher on Tuesday on expectations OPEC and its allies will extend oil production cuts for at least three months, while sentiment was bolstered by news of another promising coronavirus vaccine.

Brent crude futures for January rose 26 cents, or 0.6%, to $44.08 a barrel by 0535 GMT and U.S. West Texas Intermediate crude for December added 18 cents, or 0.4%, to $41.52 a barrel.

Equity markets rose on hopes of a quicker economic recovery after Moderna said its experimental Covid-19 vaccine was 94.5% effective in preventing infection based on interim late-state data.

OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, is set to hold a ministerial committee meeting on Tuesday that could recommend changes to production quotas when all the ministers meet on Nov. 30 and Dec. 1.

In the United States, oil output from shale formations in December is expected to decline to the lowest level since June, according to the Energy Information Administration.

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