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Gulf Today Report
Oil slumped on Monday as investors wait for OPEC+ to decide if the large output cut that was made to support market would be extended.
January Brent crude futures, which will expire later on Monday, dropped 46 cents, or 1%, to $47.72 a barrel by 03:55 GMT. Brent contract was at $47.83 a barrel, down 42 cents. US West Texas Intermediate crude futures for January fell 48 cents, or 1.1%, to $45.05 a barrel.
Both benchmarks are likely to jump above 20% in November, the highest gain since May.
The announcement of three different COVID-19 vaccines aided oil prices, leading to fuel demand.
Initially, OPEC+ was set to increase output by 2 million barrels per day in January following the cut of supply earlier this year.
ANZ is speculating that the oil market surplus is likely to get up to 3 million barrels per day in 2021 if OPEC+ does not extend cuts.
Brent crude futures reaching $53.17 a barrel, the highest since March 2020. US West Texas Intermediate crude touched $49.71 a barrel, the highest since February 2020.
Brent crude futures were down 35 cents, or 0.8%, at $42.79 a barrel as of 0633 GMT, and U.S. West Texas Intermediate (WTI) crude futures fell 35 cents, or 0.9%, to $40.30 a barrel.
Brent crude dipped 8 cents, or 0.2%, to $43.26 a barrel by 0403 GMT, while U.S. West Texas Intermediate (WTI) crude dropped to $41.22 a barrel, down 7 cents, or 0.2%.
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British workers’ average hourly output rose by 0.4 per cent last year, despite a fall of nearly 10 per cent in total production due to the coronavirus pandemic, as lower-paid jobs bore the brunt of COVID lockdown measures. Britain’s Office for National Statistics