At the same time, strong economic data from both China and Japan supported prices with China’s oil crude refining rising to 14.14 million bpd in October and matching a record set in June. OPEC+ is due to hold a ministerial committee meeting on Tuesday which could recommend changes to production quotas when all the ministers meet at the end of the month.
WTI Crude Rises 4% after Coronavirus Vaccine News
WTI crude futures extended early gains rising more than 4% to trade around $41.8 a barrel on Monday, close to an over two-month high touched in the previous week boosted by hopes of a coronavirus treatment after Moderna Inc announced that its experimental vaccine is more than 94% effective in preventing the infection. Earlier gains were supported by prospects that OPEC+ will hold current output curbs. The cartel has been cutting production by about 7.7 million barrels per day, with a compliance rate seen at 101% in October, and is planning to increase output by 2 million bpd from January.