Oil Mixed on Oversupply Worries
Oil appeared mixed Friday morning in Asia, between continued optimism over vaccine rollouts and OPEC member disagreements on supply.
Oil prices fell from their eight-month high overnight, with OPEC member disagreements over continuing supply cuts past their current January expiry date, raising concern. Prices have risen rapidly, with some countries urging a return to higher supply quotas - a factor understandable given some members’ economies are almost entirely oil-dependent.
Nevertheless, despite internal struggles, OPEC+ members are expected to maintain the supply caps past the current end date by at least three months.
Continued optimism over vaccine rollouts and return to normal economic conditions held oil prices from a further slip, but some analysts have expressed concern over just how effective a global vaccine rollout might be. Regardless, this has not been sufficient to pull oil back below $45.
Brent was seen up 0.23% to $47.90 by 3:12 AM GMT, and WTI fell 1.49% to $45.03.
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