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Oil pumping jacks, also known as “nodding donkeys,” operate in an oil field near Neftekamsk, in the Republic of Bashkortostan, Russia, on Thursday, November 19, 2020. The burning coronavirus outbreak will be a topic key for OPEC + when it meets at the end of the month to decide whether to delay a planned easing of cuts early next year.
Photographer: Andrey Rudakov / Bloomberg
Photographer: Andrey Rudakov / Bloomberg
The London crude oil futures market hit a nine-month high on the 3rd and then expanded on the morning of the fourth Asian half. The material is that the Organization of the Petroleum Exporting Countries (OPEC) and “OPEC Plus,” which consists of major non-OPEC oil-producing countries, agreed to gradually ease production cuts starting next year.
OPEC Plus will increase supply to the market by 500,000 barrels per day starting in January. The participating ministers will meet monthly in the following months to make decisions on production adjustments. OPEC Plus avoided collapse during the conflict between the United Arab Emirates (UAE) and Saudi Arabia.
The February ICE London North Sea Brent contract is at 9:54 a.m. 4 Singapore time (10:54 a.m. Japan time), which is $ 0.86 higher and 1 barrel = $ 49.57. The closing price on Day 3 was the highest since March 5. The January West Texas Intermediate (WTI) futures contract was up 1.6% at $ 46.38. The closing price on day 3 was 0.8% higher.
Original title:
Oil extends gains from nine-month high after OPEC + closes the deal （抜 粋）
