Oil prices jumped more than 1% on Friday after OPEC+ on Thursday decided to slash output by 7.2 million bpd from January. The decision is an improvement from earlier calls within the organization to raise output by 2 million bpd, according to Reuters. The cartel will now meet once a month to review the compromise, but monthly increases will not exceed 500,000 bpd. Risk sentiment was also boosted by progress over new US stimulus, with a proposed $908 billion bipartisan package was slowly gaining traction in Congress on Thursday.
Regarding progress of COVID-19 vaccines, Moderna said it expects to have between 100 to 125 million doses of its experimental vaccine available globally in Q1 2021, with 85 to 100 million doses made available to the US and 15 to 25 million doses going to the rest of the world. At around 06:45 AM GMT, WTI crude soared 1.2% to $46.17% a barrel, while Brent crude jumped 1.6% to $49.48 a barrel.
