Oil benchmarks advanced on Friday rising for three consecutive weeks thanks to breakthrough in coronavirus vaccine trials and rumors about OPEC meeting. Decisions of several governments to reinstate lockdowns or tighten restrictions as well as persistent rise of Covid-19 cases restrain upward movements in the market.
Both benchmarks gained more than 4% since the start of the week. Demand concerns which weighed on prices since spring are giving way to hopes for an economic recovery thanks to expectations of mass vaccination in 2021.
In addition, the market has been supported by expectations that OPEC + countries will postpone production increases planned for early next year. Although this scenario can be priced in there is a chance to see some boost ahead of the date of decision.
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