Oil keeps climbing on hopes OPEC+ will hold back supply as COVID-19 cases rise

MELBOURNE: Oil prices rose in early trade on Thursday, taking the week’s gains to more than 12% on growing hopes that the world’s major producers will hold off on a planned supply increase as soaring cases of COVID-19 dent fuel demand.

Algeria’s energy minister said on Wednesday that OPEC+ – grouping the Organization of the Petroleum Exporting Countries (OPEC) and other suppliers including Russia – could extend current production cuts of 7.7 million barrels per day (bpd) into 2021, or deepen them further if needed.