Oil held gains after capping a fifth straight weekly advance on an OPEC+ production deal and hopes for another round of U.S. stimulus that could provide an immediate demand boost before vaccines are widely rolled out. Futures in New York traded near $46 a barrel after rising 1.6% last week to close at a nine-month high on Friday. Oil surged around 27% last month on optimism that energy demand wold recover quickly next year as Covid-19 vaccines are rolled out. The oil futures curve is signaling tighter supply as demand in Asia booms and the key North Sea market strengthens. In another positive sign, Saudi Arabia raised oil pricing for customers in its main market of Asia.

Source: Mint December 07, 2020 00:00 UTC