On Friday, oil prices were little changed and on the track for a third straight week of increase albeit at a weaker pace, but the gains were capped by the resurging cases of coronavirus and renewed lockdowns in some countries.
At 05.05 GMT, Brent crude oil futures climbed by 0.1% or 5 cents to USD44.25/barrel. The US WTI crude futures were unchanged at USD41.9 barrel, even the contract for November expiring today was also flat at USD41.74/barrel.
So far this week, both benchmarks have jumped by 3%, the weakest weekly increase in three weeks.
Going forward, the oil market is watching the movement of the Organization of Petroleum Exporting Countries and its non-member oil producer allies (OPEC+), as the group plans to discuss the output policy at its meeting on November 30 and December 1.
Signs of stimulus deal in Washington also have propped up prices as the Republican has agreed to continue the talks.
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Published on November 20, 2020 2:43 PM (GMT+8)Last Updated on November 20, 2020 2:43 PM (GMT+8)
