Crude Oil Prices May Extend Gains as Investors Eye OPEC JMMC Meeting

VACCINE PROGRESS TO UNDERPIN OIL PRICES

Crude oil prices have stormed higher since falling to multimonth lows at the start of November, climbing over 40% in the last 6 weeks on the back of positive Covid-19 vaccine progress and the decision by OPEC+ to ease output cuts more moderately than expected.

Read moreCrude Oil Prices May Extend Gains as Investors Eye OPEC JMMC Meeting

Regulator says 91% of U.S. Gulf crude oil production remains shut after hurricane

The U.S. Bureau of Safety and Environmental Enforcement (BSEE) said 91% of offshore crude oil production remains shut in the U.S.-regulated northern Gulf of Mexico following Hurricane Delta, which made landfall on Friday.

Read moreRegulator says 91% of U.S. Gulf crude oil production remains shut after hurricane

Oil Tumbles After Biggest ETF Said It Is Exiting June Contract

Oil Tumbles

Futures in New York slid as much as 30%, snapping a four-day recovery as the United States Oil Fund LP said it will move all the money it invested in the front-month June WTI oil contract starting today, triggering a massive swing in the price relationship between the June and July contracts.

Read moreOil Tumbles After Biggest ETF Said It Is Exiting June Contract

Oil Tumbles After Biggest ETF Said It Is Exiting June Contract via @goldsilverrepor