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

Hedge funds cut bullish bets on U.S. crude as demand outlook worsens

Crude as demand outlook – Hedge funds and money managers cut bullish wagers on U.S. crude, data showed on Friday, as rising coronavirus cases around the world weakened the demand outlook, and a rise in OPEC output last month also weighed on the market.

Read moreHedge funds cut bullish bets on U.S. crude as demand outlook worsens