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OPEC
News and stories about OPEC
Brent oil crude futures gained 0.40% to trade at $54.95 while WTI futures were dropped 0.23% to trade at $52.30 a barrel.
Brent crude futures dropped about 1%, to $54.65 a barrel, after losing 2.3% on Friday.
Oil traders are now weighing the ever-rising number of COVID-19 cases and the impact on global energy demand.
Both major benchmarks traded above the $50 mark and are trading at their highest levels since February 2020.
Oil prices drifted lower amid reports revealing OPEC+ members are disconnected as regards to February crude oil output quota.
Nigeria's is pushing for Oil countries to maintain current OPEC outputs
WTI futures traded at $48.85 a barrel thereby printing a gain of 0.68% and Brent crude futures gained 0.69% to trade at $51.80 per barrel.
Recent data retrieved from the American Petroleum Institute (API) reveals a decline of 4.785 million barrels for the week ending December 25.
Brent crude futures gained 0.5%, to $51.09 a barrel, and U.S. WTI crude futures also rallied by 0.5%, to $47.85 a barrel.
U.S. WTI crude futures dropped 0.6%, to trade at $46.63 a barrel while Brent crude slumped by 0.68%, to $49.96 a barrel.
Crude oil prices gained significantly following reports of the U.K.’s rollout of a COVID-19 vaccine.
OPEC said Nigeria's crude oil export earnings, which had dropped by 77% between January and April 2020, rebounded by 116% in November.