Oil prices set for weekly gain ahead of OPEC+ meeting [Toronto Globe and Mail (Ontario, Canada)]
JP Morgan Chase & Co. (JPM)
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Source: Toronto Globe and Mail
Oil prices set for weekly gain ahead of OPEC+ meeting Oil prices were mixed on Friday but remained on course for a fourth straight week of gains ahead of an OPEC+ meeting early next week. Brent crude for January rose 28 cents, or 0.6%, to $48.08 a barrel by 0913 GMT and the more active February contract gained 32 cents to $48.11. West Texas Intermediate, meanwhile, was down 40 cents, or 0.9%, at $45.31. Both benchmarks are up about 7% over the week after encouraging news on potential COVID-19 vaccines from AstraZeneca and others. However, questions have been raised over AstraZeneca’s “vaccine for the world”, with several scientists sounding caution over the trial results. “While a successful vaccine rollout should break the link between infection and mobility, even then global oil demand will likely only reach its pre-pandemic run rate by mid-2022,” JP Morgan said. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia are leaning towards delaying nex
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