OPEC+ is leaning toward delaying January's planned oil-output hike by three to six months, according to several delegates. The cartel's president said the alliance is considering extending current cuts and deepening them if needed to stabilize the market. Meanwhile, the group again lowered the demand forecast for its crude by 960,000 barrels a day in the fourth quarter. The pandemic's effect may linger in 2021 even with a vaccine, it said.
Oil rose for a fourth day on the OPEC report. The global stocks rally showed signs of stalling as investors weighed a deteriorating pandemic situation around the world and indications of overheated equity markets. Asian shares open mixed, while U.S. and European futures were slightly down. Treasuries ticked higher after a holiday. The dollar kept its gain. Gold fell.
Oil rose for a fourth day on the OPEC report. The global stocks rally showed signs of stalling as investors weighed a deteriorating pandemic situation around the world and indications of overheated equity markets. Asian shares open mixed, while U.S. and European futures were slightly down. Treasuries ticked higher after a holiday. The dollar kept its gain. Gold fell.