Oil prices jumped more than 4 percent on Monday, recouping the previous session's losses after Moderna Inc said its experimental vaccine was 94.5 percent effective in preventing COVID-19.
OPEC+ is set to hold a ministerial committee meeting on Tuesday that could recommend changes to production quotas when all the ministers meet on November 30 and December 1.
“There is no denying that the oil market is fully in the hands of OPEC+,” said SEB chief commodity analyst Bjarne Schieldrop. “The organization is the only reason why oil prices today are not $20 a barrel. As such, their upcoming meeting on November 30-December 1 is no less hugely important.”