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Weekly increase in oil prices ahead of OPEC meeting

by Bunkerist
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Oil prices have been mixed on Friday, but are maintaining their fourth consecutive week of gains ahead of the OPEC + meeting early next week.

Brent crude for January rose 28 cents, or 0.6%, to $48.08 a barrel by 0913 GMT and the more active February contract gained 32 cents to $48.11.

West Texas Intermediate (WTI), meanwhile, was down 40 cents, or 0.9%, at $45.31.

Both benchmarks rose by about 7% during the week, encouraged by news about COVID-19 vaccines.

Global oil demand may likely only reach pre-epidemic levels by mid-2022, although successful vaccination administration breaks the resistance between infection, travel mobility and demand.

At the meeting on 30 November, the Alliance is thought to be positive if it will postpone the reduction of 2 million barrels during the first quarter of 2021. Informal talks between ministers will take place on Saturday.

Increased Libyan production also contributes to concerns over excess supply in the market. OPEC member, exempt from oil cuts, has increased production by 1.1 million barrels a day since the beginning of September.

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