Oil prices rose on Monday, amid hopes that the OPEC+ group would move to extend the agreement to cut production beyond the end of this year.

 

Brent crude futures contract for January delivery was trading up 1% at $ 43.21 a barrel, at 08.50 am Makkah time.

 

WTI crude for December delivery rose 1.3% to $40.65 a barrel.

 

Both benchmarks gained more than 8% last week, after drug manufacturers Pfizer and BioNTech said an experimental COVID-19 vaccine was more than 90% effective based on initial trial results.

 

Meanwhile, investors are also awaiting the OPEC+ Ministerial Committee meeting tomorrow, Nov. 17, which may propose adjustments to production levels when all the group's ministers meet on Nov. 30. Currently, OPEC+ is agreed to cut production by 7.7 million barrels per day.

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