ONGC, Aban Offshore: Oil exploration stocks may rally further, charts show

A health worker wearing a protective suit as a measure against the coronavirus, holds syringe during a process to develop a vaccine in a lab in Ankara Turkey on 12

Brent hits highest since March, spurred by coronavirus vaccine hopes - The Jakarta Post

Oil rose for a fourth straight session on Wednesday as the market shrugged off an industry report showing USA crude stockpiles rose more than expected, extending a rally driven by hopes that a COVID-19 vaccine will boost fuel demand. Both contracts were at their highest since early March after having rallied almost 10 per cent in the last four days.

On Monday, the University of Oxford and AstraZeneca said that interim trial data from their Phase III trials show their candidate vaccine is effective at preventing COVID-19 and offers a high level of protection. For the first time since February, the December 2021 West Texas Intermediate contract settled Tuesday at a premium to futures in December 2022 - a bullish market structure known as backwardation where nearer contracts cost more than those further out.

They are now due to increase production by 2 million barrels per day - about 2% of global demand before the pandemic - from January.

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"We maintain our bullish outlook for next year and target Brent to hit $60 per barrel at the end of 2021", he added. The drawdown is set to continue with the contango in the oil curve shrinking to levels that make storing crude uneconomic. Backwardation encourages inventories to be drawn down and suggests receding fears of a glut.

Expectations that U.S. crude inventories edged lower last week also added support.

OPEC+, made up of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russian Federation, is expected to sustain its production cuts into 2021 after a meeting set to start on November 30 following technical talks this week.

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Oil rose for a fifth day on Thursday after a surprise fall in US crude inventories gave further legs to a rally driven by optimism that vaccines will end the coronavirus pandemic and revive demand for fuels.

Also helping to ease uncertainty in financial markets, President Donald Trump on Monday allowed officials to proceed with a transition to Joe Biden's incoming administration, giving his rival access to briefings and funding even as he vowed to persist with efforts to fight the election results.

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