Global crude oil prices post third consecutive weekly increase
Global crude oil prices posted a third consecutive weekly increase last week, supported by successful COVID-19 vaccine trials, while new lockdowns in several countries to limit the spread of the coronavirus have capped gains. Thus, Brent crude oil futures ended the week at $ 44.96 per barrel. While US crude futures for January closed the week at $ 42.42 a barrel. Both benchmarks have gained about 5 percent this week.
In addition, the hope of strengthening sentiment was the hope that the Organization of the Petroleum Exporting Countries, Russia and other producers will control crude production. The group, known as OPEC, was expected to delay a planned production increase.
The OPEC, which meets on November 30 and December 1, is studying options to delay at least three months from January the reduction of its 7.7 million barrels per day.