Oil is set for the biggest monthly gain since May as Covid-19 vaccine breakthroughs raised optimism for a long-term rebound in fuel consumption. Yet failure by OPEC+ to agree on extending output curbs would see producers restore about 1.9 million barrels a day in supply, potentially pushing the global market back into surplus. WTI is $45.09; Brent is $47.59
Oil stockpiles at America’s largest storage hub are set to unwind with the market showing real signs of strength for the first time since the pandemic crushed global demand. WTI is $45.39; Brent is $48.17
Oil’s value has risen by more than a quarter this month amid positive vaccine results. With the market’s prospects picking up, Brent crude could reach $60 a barrel by the summer of 2021, according to some analysts. Attention is now turning to the next move from OPEC, who meets next week. WTI is $45.09; Brent is $48.08
With coronavirus vaccines appearing more likely in recent weeks and crude demand in Asia soaring, the gains in the shape of the oil futures curve have been even more stellar than the almost 24% rise in Brent prices so far this month. The international benchmark’s nearest contract moved to a premium to the next month on Monday for the first time since July -- a bullish structure known as backwardation that indicates tight supply. WTI is $43.65; Brent is $46.59
Since early September, oil touched its strongest level as signs that Covid-19 vaccinations in the U.S. could be underway within three weeks improving the demand outlook, while markets broadly rallied after AstraZeneca Plc became the latest company to report a vaccine that protects most people from coronavirus. WTI is $42.83; Brent is $45.47
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