Despite the surge in coronavirus cases in the United States, fuel demand in the international market witnessed recovery as Brent crude futures were up 19 cents, or 0.4%, at $43.09 a barrel.
On the third day of the business week, U.S. West Texas Intermediate (WTI) crude futures spiked 17 cents, or 0.4%, to $40.46 a barrel.
Economists are of the view that “The market will be eager to see if deeper cuts will be rolled over for an additional month, or whether the group will stick to the original plan, and start trimming cuts,”
“Most indications suggest that it will be the latter, with more focus on compliance and compensatory cuts.”
In June, OPEC and its allies delivered compliance of 107% with their agreed oil output cuts
Japan’s Nikkei added 1.5% to the highest since June 10 while Australia’s benchmark index was up 1%.
E-mini futures for the S&P 500 rose by 0.8%.
Dow Jones Industrial Average rose over 2%, while the S&P 500 gained 1.34% and the Nasdaq Composite climbed 0.94%.
Euro gained as high as $1.1423, its highest since March 10 this year and not far off its peak so far this year of $1.1495.
Yen was little moved at 107.27 per dollar, off a two-week high of 106.635.
Australian dollar rose 0.5% to $0.7009.