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Gulf Today Report

Oil prices gain on Monday as investors hope OPEC+ might cap output at current levels due to the effects of coronavirus on demand.

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.

March Brent crude futures were at $52.97 a barrel, up $1.17 or 2.3%, by 0617 GMT while February WTI crude futures rose $1, or 2.1%, to $49.52 a barrel. 

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According to Virendra Chauhan, an energy aspect analyst, a decline in dollars and investors forecast for recovery of the oil sector this year could aid oil prices.

Mohammad Barkindo, Secretary-General of OPEC said on Sunday that while crude demand is expected to rise by 5.9 million barrels per day (bpd) to 95.9 million bpd this year, the group sees plenty of downside demand risks in the first half of 2021.

Prices are still recuperating from the pandemic and lockdown measures, despite the slashing of output.