Oil prices extend gains on coronavirus vaccine hopes, OPEC+ output check

SINGAPORE (Reuters) – Oil prices extended gains on Monday as traders eyed a recovery in crude demand thanks to successful coronavirus vaccine trials, although prices were contained by renewed lockdowns in several countries.

Sentiment was also bolstered by hopes that the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+, will keep crude output in check.

Brent crude futures rose 21 cents, or 0.5%, to $45.17 a barrel by 0436 GMT while U.S. West Texas Intermediate crude gained 10 cents, or 0.2%, to $42.52 a barrel. Both benchmarks jumped 5% last week.