oil price forecast 2019

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

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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

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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

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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