Oil Gains for Fourth Straight Week Ahead of OPEC+ Output Meeting
- Russia, Saudi Arabia plan informal panel meeting for Sunday
- Most analysts in Bloomberg survey expect OPEC+ to extend cuts
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Oil rose for a fourth straight week, buoyed by optimism over Covid-19 vaccine progress ahead of an OPEC+ ministerial gathering next week.
Futures in New York advanced 8% this week, despite edging lower on Friday. The shape of the oil futures curve firmed over recent sessions with some nearer-dated futures contracts rising above later-dated ones. It’s a sign of how the market has dramatically repriced the increased likelihood of a vaccine rollout jumpstarting a stronger demand rebound next year.