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