USOI - Oil notches multi-month highs as OPEC+ meets
A weaker dollar and investors positioning for a recovery in the oil sector could support oil prices in 2021, Energy Aspects analyst Virendra Chauhan declared as crude touched multi-month highs at $49/bbl.The forecast comes as OPEC+ looks poised to cap output at current levels in February, with the group meeting via videoconference. It previously decided to raise output by 500K barrels per day in December, and agreed to meet every month to review production, following a difficult 2020.Prices ended the year about 20% below 2019's average, weighed down by global lockdown measures, which have slashed fuel demand, as well as a price war between Saudi Arabia and Russia.Not out of the woods yet... OPEC Secretary General Mohammad Barkindo said Sunday that while crude demand is expected to rise by 5.9M barrels per day to 95.9M bpd this year, the group sees plenty of downside demand risks in the first half
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Oil notches multi-month highs as OPEC+ meets