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Oil prices rose on Tuesday, November 17th, thanks to expectations that OPEC and its allies will extend crude production cuts for at least three months, while sentiment boosted on news of another promising Coronavirus vaccine.
Brent crude in January contracts rose 26 cents, equivalent to 0.6%, to $ 44.08 a barrel by 05:35 GMT. US West Texas Intermediate crude added 18 cents, equivalent to 0.4%, to $ 41.25 a barrel.
Stock markets rose, driven by hopes of a faster economic recovery, after Moderna announced that its experimental COVID-19 vaccine is 94.5% effective in preventing disease, according to preliminary data.
The OPEC+ group, which includes OPEC and allies including Russia, is due to hold a ministerial committee meeting today that may recommend changing production quotas when all ministers meet on November 30 and December 1.
