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Oil prices climbed on Thursday over optimism around the bill’s progress and strong Asian refining demand.“While rising consumption in Asia and demand hopes linked to a COVID-19 vaccine may help oil prices above this range ($50-$60 a barrel), we think OPEC+ sits on enough spare oil capacity to keep any surge in oil prices in check,” the note added.Oil slips in breather after run to 9-month high as COVID-19 surge stokes demand fears p By Sonali Paul MELBOURNE (Reuters) - Oil prices eased on Friday but stayed within touching distance of nine-month highs hit overnight as soaring COVID-19 cases weigh on fuel.“We think markets are still overlooking the near-term demand pressures of rising COVID-19 cases and COVID-19 restrictions in the U.
The rising number of COVID-19 cases globally and tighter restrictions in some countries such as Japan, pressure to limit oil supply on the Organization of the Petroleum Exporting Countries (OPEC) and allies, or OPEC+, is growing, according tp ANZ Research.com – Oil was down on Friday morning in Asia, with ever-rising numbers of COVID-19 weighing on fuel demand and the U.