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Brent crude was up 38 cents, or 0.8%, at $48.24 a barrel on Wednesday having risen almost 4% in the previous session. WTI crude gained 27 cents, or 0.6%, to $45.18, after rising more than 4% on Tuesday.
Levels are at the highest since March, where we entered 2020, in an already oversupplied oil market.
Iraq has been hit hard by the pandemic and the crash in oil prices, and so, the second-largest OPEC producer is looking to strike up an oil agreement of forward payments over a five year period in response to falling oil revenues. Iraq will supply the taker of the contract with Basrah crude in a report cited by Reuters. (OilPrice.com)
Although three vaccines have emerged as successful in the fight against the coronavirus, they may not be readily available until later in the year in 2021, putting a recovery of travel on hold for a while until vaccinations have been rolled out to enough of the global population.
South Korea’s oil exports of refined products fell by 22.8% in October from a year earlier as Jet fuel dropped to the lowest level in 13 years. (S&P Global Platts)
Eyes will turn to the next OPEC meeting that is due to take place at the end of the month, on the discussion of how to progress over the current output quotas going into the new year. OPEC producers are set to increase production by 2 million barrels per day, or 2% of global oil demand in January 2021. (Reuters)
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