Oil prices steady as markets await OPEC+ meeting outcome - GulfToday

Oil prices steady as markets await OPEC+ meeting outcome

  • 20 Nov 2020
Oil-prices-750

Picture used for illustrative purpose. File

Gulf Today Report

Oil prices remain the same, rising for a third consecutive week due to hope that OPEC+ would delay the increase in output.

Brent crude futures were up 5 cents, or 0.1% to $44.25 a barrel at 0505 GMT. The more active US West Texas Intermediate (WTI) crude contract remained unchanged at $41.90 a barrel. 

READ MORE 

Gold falls for a second week

Oil slumps as COVID-19 cases surge

Boeing gets green signal to fly 737 MAX again

The WTI contract for November, which expires on Friday, was also flat at $41.74 per barrel.

As virus cases increase, the oil market gains are trimming, said Stephen Innes, chief global market strategist at Axi.

OPEC+ is set to hold a full ministerial meeting by ending of the month.

Related articles

Oil extends losses after Trump tests positive for COVID-19

Brent crude slipped on the Trump news and was down $1.12, or 2.7%, at $39.81 a barrel by 0710 GMT. US oil was also down $1.12, or 2.9%, at $37.60.

02 Oct 2020

Oil increases on predictions of US stimulus leading to demand

Brent crude climbed 23 cents, or 0.5%, to $51.09 a barrel, as of 04:10 GMT and US West Texas Intermediate (WTI) crude futures added 23 cents, or 0.5%, to $47.85 a barrel.

29 Dec 2020

Oil prices fall as US inventory gain

Brent crude futures fell 11 cents, or 0.2%, to $50.65 a barrel at 04:21 GMT, while US West Texas Intermediate (WTI) crude futures fell 9 cents, or 0.2%, to $47.53 a barrel.

16 Dec 2020

Oil prices jump on US inventory drop

Brent crude futures rose 59 cents, or 1.4%, to $43.81 a barrel by 1216 GMT. U.S. West Texas Intermediate crude futures gained 47 cents, or 1.2%, to $41.51 a barrel.

29 Jul 2020

Most Popular Stories

Other Articles

Non-oil foreign trade through Abu Dhabi’s ports hits Dhs281.9b

The total volume of non-oil foreign trade through the border crossings of the Emirate of Abu Dhabi amounted to Dhs281.903 billion during the year 2023,

43 minutes ago

SkyPower, ZETDC sign PPAs for Zimbabwe’s largest solar project

In a historic event at the World Future Energy Summit, SkyPower and the Zimbabwe Electricity Transmission and Distribution Company (ZETDC)

an hour ago

DP World publishes Sustainable Development Impact Disclosure

DP World has published a Sustainable Development Impact Disclosure (SDID), making it the first company globally to adopt and disclose on its development impact

an hour ago

Tesla to recall 3,878 Cybertrucks, says NHTSA

Tesla is recalling 3,878 Cybertrucks to fix an accelerator pedal pad that could come loose and get lodged in the interior trim, the US National Highway Traffic Safety Administration (NHTSA)

an hour ago