Oil prices rose, with Brent topping $40 a barrel, after Joe Biden clinched the US presidency and buoyed risk appetite, offsetting worries about the impact on demand from the worsening coronavirus pandemic

The Organization of the Petroleum Exporting Countries and Russia are considering deeper oil output cuts early next year to try to strengthen the oil market, one OPEC source and one source familiar with Russian thinking said

The COVID-19 pandemic and a faster transition to renewable energy sources will have a permanent impact on global oil demand, Norway’s biggest independent energy consultancy Rystad predicted

China, the world’s top crude oil importer, will raise its non-state crude oil import quota for 2021 by 20% on-year to 243 million tonnes, the country’s commerce ministry said

The OPEC and its allies will have to contend with a “lot of demand issues” before raising supply in January 2021, given throughput cuts by oil refiners, the head of Saudi Aramco’s trading arm said

OPEC’s secretary-general said an oil market recovery may take longer than hoped as coronavirus infections rise around the world, and OPEC and its allies would “stay the course” in balancing the market

The United States imposed fresh Iran-related sanctions targeting the Islamic Republic’s oil sector, including the Iranian Ministry of Petroleum, in Washington’s latest move to increase pressure on Tehran

U.S. crude oil and distillate inventories fell last week, while gasoline stocks rose in another weak showing for fuel demand, the Energy Information Administration said

Russia’s energy minister said it was too early to discuss the future of global oil production curbs beyond December, less than a week after saying plans to reduce the output restrictions should proceed

The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC’s Secretary General said, adding that demand has been recovering more slowly than expected