COM - Crude oil climbing on vaccine progress hopes for OPEC+ supply curbs

November, 16 2020 08:30 AM Direxion Auspice Broad Commodity Strategy

Crude oil extends (CL1:COM) gains on news of Moderna's highly effective COVID-19 vaccine; December WTI +4.3% to $41.85/bbl, January Brent +3.7% to $44.36/bbl.Prices also were helped by new data showing economic rebounds in China and Japan, with Chinese refineries processing the most crude ever in October on a daily basis.Both WTI and Brent gained more than 8% last week on hopes of a vaccine and that OPEC and its allies would maintain lower production next year to support prices.OPEC+ ministers reportedly are focused on a postponement of 3-6 months, and will hold an interim meeting on Tuesday that could recommend changes to production quotas when all the ministers meet on Nov. 30 and Dec. 1."This is the wrong time to be increasing crude supply," Rapidan Energy president Bob McNally tells Bloomberg. "They really almost have no choice now but to postpone. The demand pullback in Europe is frightening."ETFs: [[USO]], [[XLE]], [[UCO]], [[XOP]],

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Crude oil climbing on vaccine progress, hopes for OPEC+ supply curbs

Company Name:	Direxion Auspice Broad Commodity Strategy
Stock Symbol:	COM
Market:	NYSE

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