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Crude oil prices (November 23)

FILE PHOTO: A pump jack operates in the Permian Basin oil production area near Wink, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
2020-11-23

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SULAIMANI — Crude oil prices were up on Monday (November 23) compared with the previous day.

The price of Brent crude was at $45.22 up from $44.96 and US WTI crude was at $42.54 up from $42.42.

“Positive sentiment continues to be driven by the recent good news about the efficacy of coronavirus vaccines in development and the expectation that the OPEC+ meeting at the end of this month could see the group extend current cuts by 3-6 months,” Reuters cited Stephen Innes, Chief Global Markets Strategist at axi, as saying.

US healthcare workers and others recommended that the nation’s first COVID-19 inoculations could start getting shots within a day or two of regulatory consent next month, a top official of the government’s vaccine development effort said on Sunday.

Elsewhere, OPEC+, which meets on November 30 and December 1, is looking at options to delay by at least three months from January the tapering of their 7.7 million barrel per day (bpd) cuts by around 2 million bpd.

(NRT Digital Media/Additional Reporting By Reuters)