* U.S. vaccinations swiftly after regulatory approval. * Investors await OPEC+ meeting at end of the month. By Laura Sanicola. Oil prices settled up more than 2% on Monday, extending last week's gains as the latest report of encouraging coronavirus vaccine trials had traders anticipating a recovery in demand.
* Market eyes OPEC+ meeting at month-end. * Russia's small oil producers struggle with output cuts. By Jessica Jaganathan. Oil prices extended their gains on Monday as traders were optimistic about a recovery in crude demand thanks to successful coronavirus vaccine trials, but price gains were contained by renewed lockdowns in several countries.
Oil supply and demand, hard hit by the COVID-19 pandemic, will not come back into balance until the second half of 2021, WPX Energy CEO Rick Muncrief forecast on Friday at a Federal Reserve Energy Conference. Prices could see some uplift in the second half of the coming year as supply and demand balance, Muncrief added. U.S. oil futures were trading around $42.44 on Friday.
U.S. energy firms cut the number of oil and natural gas rigs operating for the first time in 10 weeks even as producers return to the wellpad with crude prices mostly trading over $40 a barrel since mid June.
* Brent, WTI both up over 5% in the week. * Market eyes OPEC+ meeting at month-end. * Discussions on more U.S. COVID-19 relief support prices. * U.S. oil/gas rig count falls for first week in 10 -Baker Hughes. By Stephanie Kelly.
Venezuelans, desperate for fuel after months of shortages, have begun stealing crude from idled fields owned by state oil company Petroleos de Venezuela [PDVSA.UL] and distilling homemade gasoline, according to two PDVSA workers and a half dozen people familiar with the practice. The amount of crude stolen is a tiny fraction of Venezuela's output.
Venezuelans, desperate for fuel after months of shortages, have begun stealing crude from idled fields owned by state oil company Petroleos de Venezuela [PDVSA.UL] and distilling homemade gasoline, according to two PDVSA workers and a half dozen people familiar with the practice. The amount of crude stolen is a tiny fraction of Venezuela's output.
* U.S. COVID-19 hospitalizations spike, shutdowns take effect. * U.S. crude stockpiles rise less than expected last week-EIA. * Distillate inventories plunge, EIA reports. * OPEC+ meets Nov. 30, Dec. 1. By Jessica Resnick-Ault.
China, the global oil market's lifeline this year, has stepped up purchases from exporters like Russia, the United States and Angola in recent weeks, while buyers elsewhere pare orders as coronavirus infections surge and fresh lockdowns are put in place.
China, the global oil market's lifeline this year, has stepped up purchases from exporters like Russia, the United States and Angola in recent weeks, while buyers elsewhere pare orders as coronavirus infections surge and fresh lockdowns are put in place.
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