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Oil Higher To Start 2021 Ahead Of OPEC

OIL
  • WTI last up 0.97% at 48.98, Brent last up 1.02% at 52.33.
  • Oil markets are fighting the conflicting influences of a spike in coronavirus cases globally and hope that vaccine roll outs can accelerate the return to normality.
  • The UK recorded another daily high in new Covid-19 cases, while PM Johnson warned that tougher restrictions might be imminent. Johnson told the BBC on Sunday that the gov't may have to keep schools shut. Opposition leader Starmer urged the PM to declare a nation-wide lockdown within 24h, while Scottish First Min Sturgeon said that the Scottish gov't will consider "further action" to contain the spread of the virus when it meets on Monday. Elsewhere Japan is considering imposing another state of emergency for 1 month from January 9.
  • The OPEC+ group looks likely to increase output by 500k bpd from January, while Russia's deputy prime minister said in December Russia would be supportive of additional gradual increases in February. The OPEC+ group will meet today to make a decision on February output levels.
  • Government officials from Saudi Arabia and Russian reiterated commitment to OPEC+ agreement to support oil market stability last week at a Saudi-Russian Joint Governmental Committee for Commercial, Economic, Scientific and Technical Cooperation.
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