Oil Rises on OPEC+ Cuts and Vaccine News – 11 November, 2020

Oil gained more than 11% for the week on hopes that production will slow down as COVID-19 cases surge and cities reinforce lockdowns. U.S. West Texas Intermediate crude futures were up 0.3% or 12 cents to $41.57 per barrel. Brent crude futures were up 0.2% or 9 cents to $43.89 per barrel. OPEC+ and their allies have agreed to extend production cuts of 7.7 million barrels per day through 2021, adjusting as needed, having initially planned for a 2 million barrel per day increase in January. Both producers soared this week, with news of a possible vaccine leaving many feeling optimistic that the virus can be brought under control and demand will pick up once again.