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Gulf Today Report
Oil prices jumped on Monday as traders remain hopeful for a COVID-19 vaccine soon. Fresh lockdowns in Europe and the US also affected the prices.
Brent crude futures rose 21 cents, or 0.5%, to $45.17 a barrel by 0436 GMT while US West Texas Intermediate crude gained 10 cents, or 0.2%, to $42.52 a barrel. Both benchmarks jumped 5% last week.
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Stephen Innes, Chief Global Markets Strategist at axi said the news of coronavirus vaccine in development and OPEC+ meeting set for ending of the month is keeping market hopeful.
Markets are hopeful that OPEC+ will decide to delay the increase in output for at least three months in the meeting.
However, some Russian companies would be pumping more crude in spite of the global deal to reduce production.
Brent crude oil futures were down 65 cents, or 1.2%, at $55.34 a barrel while US West Texas Intermediate (WTI) slipped 44 cents, or 0.8%, to $51.80 a barrel.
Brent crude fell 40 cents, or 0.7%, to $61.07 a barrel, as of 03:50 GMT while US crude decline 35 cents or 0.6% to $58.33 a barrel.
US West Texas Intermediate (WTI) crude futures dipped 3 cents to $60.02 a barrel at 05:10 GMT while Brent crude futures gained 11 cents, or 0.2%, to $63.46 a barrel.
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.
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Oil prices rose on Wednesday after a drop in US crude inventories reinforced Opec’s robust demand outlook, while the market awaited fresh updates on the Colonial Pipeline outage. US West Texas Intermediate (WTI) crude futures rose 29 cents, or 0.44%, to $65.57