BREAKING - Oil Up Despite Conflicting U.S. Stimulus, OPEC Disunity, and COVID-19

Oil was up on Friday morning in Asia despite conflicting U.S. stimulus reports, an apparent schism in OPEC, and the ever-rising COVID-19 numbers.

Brent oil futures was up 0.23% to $44.30 by 11:26 p.m. (ET) and WTI futures inched up 0.10% to $41.94. Both Brent and WTI futures stayed above the $40 mark.

The continuing rampage of COVID-19 across the globe continues to form the main driver of oil prices, as the coronavirus pandemic escalates, with Western economies particularly hard hit. There are over 56 million global cases and 1.36 million deaths, as of Nov. 20, with a fifth of both totals are from the U.S. alone, according to data from Johns Hopkins University. The fears over lack of demand will be keeping a firm lid on prices for some time come.

Other factors influencing oil’s current uncertain behavior stem from contradictory U.S. signals over a COVID-19 stimulus package and the Organization of Oil Exporting Countries (OPEC) appearing to conflict with each other over a way forward.

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