Oil Price are back on their way to recovery
Hopes on a new vaccine and OPEC decision are driving crude oil prices.
Crude Oil Extends (CL1: COM) Gains On News Of Moderna's Potent COVID-19 Vaccine; December WTI + 4.3% to $ 41.85 / bbl, January Brent + 3.7% to $ 44.36 / bbl. Prices were also supported by new data showing economic upswing in China and Japan, with Chinese refineries processing the most commodity-rich crude oil to date on a daily basis in October. Both WTI and Brent gained more than 8% last week in hopes of a vaccine and that OPEC and its allies would keep production lower for the next year to support prices. OPEC + ministers are reportedly focusing on a 3 to 6 month postponement and will hold an interim meeting on Tuesday at which changes to production quotas could be recommended when all ministers meet on November 30th and December 1st. "This is the wrong time to increase the crude oil supply," Rapidan Energy President Bob McNally told Bloomberg. "Now you really have almost no choice but to postpone the time. The decline in demand in Europe is frightening."