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. <\/p>\n
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.<\/p>\n
The weakening outlook has piled pressure on OPEC+ to delay a supply increase of 2 million bpd scheduled for January, which the market is now pricing in, analysts said.<\/p>\n
U.S. West Texas Intermediate (WTI) crude futures climbed 35 cents, or 0.8%, to $41.80 a barrel at 0130 GMT, while Brent crude futures rose 31 cents, or 0.7%, to $44.11 a barrel.<\/p>\n","protected":false},"excerpt":{"rendered":"
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. The weakening outlook has piled pressure on OPEC+ to delay a supply increase of 2 million […]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[146,130,177],"tags":[],"class_list":["post-383729","post","type-post","status-publish","format-standard","hentry","category-deccan-herald-newspapers","category-newspapers","category-oil-gas-deccan-herald-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/383729","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=383729"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/383729\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=383729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=383729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=383729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}