After more positive news on a corona virus vaccine, oil gained a second day and raised optimism on the outlook for demand, and as OPEC and its allies moved closer to delaying a production increase planned for January.
As lockdown re-emerge, European consumption is flickering and in the U.S. comments from two of President-elect Joe Biden’s corona virus adviser’s signal. The rutted demand outlook presents a challenge for OPEC+, whose monitoring committee meets today before a key policy assembling at the end of the month to decide on production.
A delay of the decided output hike would go some way to offsetting the rise in supply receiving from Libya. Rivals in the country’s civil war agreed to strengthen a paramilitary unit set up to safeguard energy foundation, a step that could help undergo the current surge in the nation’s oil production.