<p><em><strong>By James Thornhill and Elizabeth Low</strong></em></p>.<p>Oil was steady near $41 a barrel in New York before an OPEC+ meeting to assess the state of the market as demand comes under pressure once again from a resurgent coronavirus.</p>.<p>The Joint Ministerial Monitoring Committee, which typically reviews compliance to the group’s pledged output cuts, will meet online Monday. While no supply decisions are expected until the conclusion of a gathering on Dec. 1, leading members Saudi Arabia and Russia are stepping up diplomacy as the market faces more crude from Libya and OPEC predicts less demand for its oil.</p>.<p>House Speaker Nancy Pelosi, meanwhile, set a Tuesday deadline for more progress with the White House on a fiscal stimulus deal before the Nov. 3 election, raising optimism a relief package may finally be completed.</p>.<p>Oil is holding around current levels after briefly dropping below $40 a barrel earlier this month with rising infections raising concerns about a sustained recovery in consumption. OPEC Secretary-General Mohammad Barkindo last week described demand as anemic, while the International Energy Agency said the outlook for the market remains fragile due to the pandemic.</p>.<p>It’s looking increasingly likely that OPEC+ will have to scrap the idea of easing cuts from next year given the resurgence in Covid-19 cases and stalling demand, said Warren Patterson, head of commodities strategy at ING Group. US stimulus talks continue to go back and forth but it’s looking a bit more positive in terms of a potential deal, he added.</p>.<p>Brent’s prompt timespread was 35 cents a barrel in contango, compared with 48 cents a week earlier. The narrowing spread indicates that concerns about over-supply have eased.</p>.<p>President Vladimir Putin and Saudi Arabia Crown Prince Mohammed Bin Salman have spoken twice by phone in a week, the first time the leaders have done that since the depths of the oil crisis in April when they were hashing out a deal to cut supply and bring a price war to an end. Larger ministerial meetings that will decide the direction on output cuts are scheduled for Nov. 20-Dec. 1.</p>
<p><em><strong>By James Thornhill and Elizabeth Low</strong></em></p>.<p>Oil was steady near $41 a barrel in New York before an OPEC+ meeting to assess the state of the market as demand comes under pressure once again from a resurgent coronavirus.</p>.<p>The Joint Ministerial Monitoring Committee, which typically reviews compliance to the group’s pledged output cuts, will meet online Monday. While no supply decisions are expected until the conclusion of a gathering on Dec. 1, leading members Saudi Arabia and Russia are stepping up diplomacy as the market faces more crude from Libya and OPEC predicts less demand for its oil.</p>.<p>House Speaker Nancy Pelosi, meanwhile, set a Tuesday deadline for more progress with the White House on a fiscal stimulus deal before the Nov. 3 election, raising optimism a relief package may finally be completed.</p>.<p>Oil is holding around current levels after briefly dropping below $40 a barrel earlier this month with rising infections raising concerns about a sustained recovery in consumption. OPEC Secretary-General Mohammad Barkindo last week described demand as anemic, while the International Energy Agency said the outlook for the market remains fragile due to the pandemic.</p>.<p>It’s looking increasingly likely that OPEC+ will have to scrap the idea of easing cuts from next year given the resurgence in Covid-19 cases and stalling demand, said Warren Patterson, head of commodities strategy at ING Group. US stimulus talks continue to go back and forth but it’s looking a bit more positive in terms of a potential deal, he added.</p>.<p>Brent’s prompt timespread was 35 cents a barrel in contango, compared with 48 cents a week earlier. The narrowing spread indicates that concerns about over-supply have eased.</p>.<p>President Vladimir Putin and Saudi Arabia Crown Prince Mohammed Bin Salman have spoken twice by phone in a week, the first time the leaders have done that since the depths of the oil crisis in April when they were hashing out a deal to cut supply and bring a price war to an end. Larger ministerial meetings that will decide the direction on output cuts are scheduled for Nov. 20-Dec. 1.</p>