Oil traded near $45 a barrel in New York with OPEC seeking more time to reach a deal on production policy after a meeting broke down without an agreement.
Futures flipped between gains and losses having earlier been buoyed by a weaker dollar. The recovery in Asia gathered pace as factory activity in South Korea and China surged in November. The rebound highlights the uneven global oil demand picture OPEC+ is facing, with Europe and the U.S. grappling with a resurgent outbreak.
Ministers from the alliance will now meet on Thursday rather than Tuesday to allow more time to deliberate on whether to delay a planned increase in output from January. While some see the market as too fragile to absorb additional barrels, others are keen to pump more oil to take advantage of higher prices following Covid-19 vaccine breakthroughs.
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