Oil soars on hopes OPEC+ will restrict supply amid surging virus cases

Oil prices advanced during their morning session on Thursday. The jump heavily contributed to this week’s 12% growth as the world’s top producers plan to restrict supply mainly from the coronavirus’s impact on fuel demand.

U.S. West Texas Intermediate crude futures recorded a 0.8% increase to $41.80 per barrel, while Brent crude futures advanced 0.7% to $44.11 per barrel.

Both Brent and WTI jumped this week. The series of increase was mainly from hopes that the coronavirus pandemic can be controlled after encouraging results were rendered by a coronavirus vaccine co-developed by Pfizer Inc and BioNTech.

According to Algeria’s energy minister, the Organization of Petroleum Exporting Countries (OPEC) and other suppliers could hold its current production cuts of 7.7 million barrels per day (bpd) into 2021. Moreover, the organization might reduce it further if deemed necessary.