OPEC+

Oil prices will also benefit from increased fiscal spending by a unified Democrat government in the US.

How much does Saudi Arabia’s oil price cuts cost?

As OPEC+ ministers gather virtually this week, the city that traditionally hosts their meetings will be locked down.

Oil prices fell on concerns about oversupply as OPEC+ is expected to pull back from production cuts in August, while an increase in COVID-19 cases worldwide raised fears of slower pick-up in fuel demand.

Crude Oil futures contracts opened lower on Tuesday following a rising number of Covid-19 cases. Prices have dropped more than 1% on Monday as a meeting of OPEC+ countries this week is expected to taper production cuts.

A deeper cut in production by members and non-members of the Organization of the Petroleum Exporting Countries (Opec+) is expected to support crude oil prices at US$40 a barrel.

After negative oil prices in April, Maybank Kim Eng things are looking up for oil in Southeast Asia.

While oil prices have perked up following Saudi Arabia's expected production cut, the fate of oil futures remains uncertain.

The talks were on the brink of falling apart. Then US President Donald Trump intervened to save the deal – and became the first American president to push for higher oil prices in more than 30 years.

In China, leaders are beginning to talk up the prospects for a rapid economic rebound as the spread of the disease appears to be under control.