Oil prices are stable and are heading for the third consecutive weekly gain


Previous News – There was no significant change in oil prices today, Friday, while prices are heading towards recording the third weekly rise in a row, but demand concerns stemming from the high cases of Coronavirus infection and the renewal of general isolation measures in several countries are curbing the registration of crude for any other gains.

Oil markets were boosted this week by the prospect of an effective coronavirus vaccine, and hopes that OPEC and its allies will continue to curb production.

Brent crude futures were up five cents, or 0.1 percent, at 0505 GMT, at $ 44.25 a barrel.

There was little change in the US West Texas Intermediate crude contract, the most active at $ 41.90 a barrel. The West Texas crude contract for delivery in November, which expires on Friday, also settled at $ 41.74.

Stephen Ince, chief global market strategist at Axi, said that oil markets trimmed their weekly gains, “as the rise in the virus dampened the vaccine optimism.”

“But the decision is in OPEC’s hands. No official decision will be taken before the OPEC + ministerial meeting in plenary at the end of this month,” he added.

OPEC +, a group that includes the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, will discuss its production policy at a meeting on Nov.30 and Dec.1.

Brent prices were also supported by signs of a stimulus deal moving in Washington.


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