COM - Oil prices hit best settlement since early September but energy shares turn red

Crude oil futures (CL1:COM) pushed ahead to their highest settlements since early September after another positive step toward a COVID-19 vaccine, with added support from a smaller than expected weekly increase in U.S. crude inventories of 800K barrels.The American Petroleum Institute yesterday reported a much larger 4.2M-barrel increase.December WTI closed +0.9% to settle at $41.82/bbl, pulling back from the day's high of $42.46, while January Brent ended +1.6% to $44.45/bbl."Oil prices today are modestly rising on hopes that OPEC+ will decide to postpone its planned production increase in January and on the latest vaccine euphoria," says Rystad Energy's head of oil markets Bjornar Tonhaugen.Trading in the energy sector ([[XLE]] -2.6%) saw some volatility before turning sharply negative following news that New York City would shut public schools in its latest lockdown measure.The sector has been a notable pocket of relative strength this month, gaining 26% this month before today and

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Oil prices hit best settlement since early September but energy shares turn red