Oil prices gained for the second consecutive session as investors wait for the investment package of 1 trillion. $ in infrastructure projects voted last Friday to further stimulate the economy, boosting demand as well.
Meanwhile, research by S&P Global Platts has shown that OPEC + – the Organization of the Petroleum Exporting Countries and its allies, including Russia – is struggling to increase production to reach agreed levels. OPEC + production increased by 480,000 barrels per day in October, but only half of the Organization’s members increased their production last month, according to the survey.
Against this background, the December crude contract added 66 cents or 0.8% and closed at $ 81.93 a barrel on the New York Mercantile Exchange. This is the highest closing since November 2nd.
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