Oil On Track For Second Monthly Decline – 29 October, 2020

Despite edging ip slightly, oil is on track for a second monthly decline as coronavirus cases are on the rise and countries reinforce restrictions. After hitting a five month low the previous session, Brent crude was up 15 cents to $37.80 per barrel. U.S. West Texas Intermediate was crude was 10 cents higher at $36.27 per barrel. OPEC and Russia have agreed to raise output by 2 million barrels per day in January, though Saudi Arabia and Russia are in favor of continuing to reduce output as the lockdowns threaten demand.