Photo: Reuters
Investing.com - Oil prices rose for a second day in a row as the Organisation of Petroleum Exporting Countries (OPEC) and its allies managed to announce a production hike without scaring the market — a development that underscored the cartel was finally learning from past mistakes.
The 13 member Saudi-steered OPEC and 10 allies led by Russia agreed to increase production by 500,000 barrels per day beginning in January after days of tense discussions.
This will bring the total production cuts at the start of 2021 to 7.2 million barrels per day.
Crude prices rose, albeit modestly, on the deal, instead of falling, as the oil production group managed to exhibit a market sensitivity atypical of its past.
Just a couple of years ago, it would not have been surprising to see OPEC add a million barrels to production on a $10 price hike, only to see the market crash $20 later.
New York-traded West Texas Intermediate (WTI), the leading indicator for U.S. crude, settled up 36 cents, or 0.6%, at $45.64 per barrel.
WTI rose 1.6% in the previous session, after posting a 27% gain for November, its best since May, on investor bets that the world might soon be free of the coronavirus, with mitigating vaccines poised arrive to arrive in coming weeks.
London’s Brent, the global benchmark for oil, finished Thursday’s trade at $48.71, up 46 cents, or almost 1%, after Wednesday’s 1.8% gain.
For November, Brent rose 28%, its best month since a 95% hike in May from April’s lows.
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