Oil prices edge up on hopes OPEC+ maintains supply curbs

SINGAPORE: Oil NSE 0.82 % prices edged up in early Asian trade on Monday, recouping some losses from the previous session as hopes that OPEC+ will continue to curb output offset concerns of weaker fuel demand amid rising COVID-19 cases and higher production from Libya.

Brent crude futures for January rose 27 cents, or 0.6 per cent , to $43.05 a barrel by 0043 GMT while U.S. West Texas Intermediate crude for December was at $40.48 a barrel, up 35 cents, or 0.9 per cent .

Both contracts gained more than 8 per cent last week on hopes of a COVID-19 vaccine and that the Organization of the Petroleum Exporting Countries (OPEC)) and their allies including Russia will maintain lower output next year to support prices.