* October OPEC+ production reduction agreement implementation rate is expected to be 96% – sources

* China's crude oil processing volume hit a record high in October

Reuters, New York, November 16-Oil prices closed higher than 2% on Monday, with an intraday increase that was even greater because Moderna said its experimental new crown vaccine has an effective rate of 94.5%.

The settlement price of Brent crude oil futures in January rose 1.04 US dollars to 43.82 US dollars per barrel, an increase of 2.431 TP1T, and the increase was more than 4% earlier in the session. US crude oil futures in December rose $1.21 to $41.34 per barrel, an increase of 3%.

"There was a bit of overbuying pressure during the session, which pushed the oil market above the level supported by fundamentals, so it only held part of its gains," said Gary Cunningham, head of market research at Tradition Energy. "As the new crown epidemic spreads around the world Continue to spread, we still have concerns about global demand."

Data showing the economic rebound in China and Japan also supported oil prices. In addition, data also showed that China’s average oil refining volume in October hit a record high.

Due to the hope for a vaccine and the expectation that the OPEC+ alliance formed by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, will maintain low production next year to support prices, both US crude oil and Brent crude oil rose by more than 8% last week .

A source told Reuters on Monday that OPEC+, formed by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, tends to postpone its January production increase plan for at least three months to support oil prices, as the second wave of COVID-19 is still Continue.

OPEC+’s current production cut is about 7.7 million barrels per day, and the implementation rate of the October production cut agreement is expected to be 96%. The alliance plans to increase production by 2 million barrels per day from January.

The joint ministerial supervisory committee that recommends policy measures to OPEC+ will meet on Tuesday. The committee may propose adjustments to production quotas when OPEC+ convenes a plenary meeting from November 30 to December 1.

 

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