Oil prices rose on Monday ahead of OPEC’s monthly report and as countries began to rollout coronavirus vaccines, boosting hopes of recovery in global fuel demand.
The United States started its vaccination campaign against COVID-19, supporting optimism that pandemic restrictions could end soon.
International benchmark Brent crude was trading up 0.7% at $50.32 per barrel, at 9.05 am Makkah time.
WTI crude rose 0.6% to $46.85 a barrel.
Investors are also focused on two meetings between the Organization of the Petroleum Exporting Countries and its allies including Russia (OPEC+).
The OPEC+ joint ministerial monitoring committee will meet on Dec. 16, while OPEC+ will meet on Jan. 4 to review the market condition after their previous decision to limit production rises to 500,000 barrels per day starting next year.
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