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Oil holds near 12week high, with energy stocks soaring

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The price of oil held at over 43 a barrel in overnight trading on Sunday and into this mornings European open, its highest level since early September. That follows the third straight week of gains for oil prices, as progress towards a widely available Covid19 vaccine has raised hopes of an improvement in energy demand. The price of oil has also been boosted by expectations that global oil cartel Opec and its allies will agree to delay plans to increase their output by two million barrels a day from January, according to Bloomberg. Last week, USlisted Chevron and Exxon gained 2.4 and 3.3 respectively, taking their gains over the past month to 18.2 and 8.1. London listed BP and Royal Dutch Shell gained 3.2 and 7.3 last week respectively, with their gains over the past month standing at 18.9 and 27.2.