Oil prices climb as risk appetite increases
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E-mail Xinhua, November 24, 2020
NEW YORK, Nov. 23 (Xinhua) -- Oil prices advanced on Monday as risk-on mood dominated the market.
The West Texas Intermediate (WTI) for January delivery gained 64 cents to settle at 43.06 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery increased 1.1 dollars to close at 46.06 dollars a barrel on the London ICE Futures Exchange.
"The oil market is optimistic as the new week gets underway," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Monday.
Vaccine hopes were putting market participants in positive mood about demand, he said, adding prices were also supported by expectations that the Organization of the Petroleum Exporting Countries (OPEC) and its allies may agree next week to extend the current production cuts to beyond the end of the year.
OPEC and its allies are expected to meet on Nov. 30 and Dec. 1.
For the week ending Friday, WTI crude futures and Brent both rose about 5 percent. Enditem
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