• The International Energy Agency (IEA) does not expect major enhancement in oil demand from vaccines until it will be widely available from mid-2021, from which point mobility and oil demand will "return progressively to normal conditions".

Crude oil futures sentiment in Asian trade was lifted by positive signals from OPEC’s sustained production cuts.

• The market largely expects OPEC+ to extend its current 7.7 million b/d output cut until at least the first few months of 2021, instead of tapering them to 5.8 million b/d as scheduled.

• While Algerian energy minister Abdelmadjid Attar suggested to increase output cut, Iraq and Saudi Arabia have affirmed their "full commitment" to the OPEC+ output curbs decision in order to achieve an oil price that is fair to both consumers and producers.

The Asian gasoline market was stronger on positive headlines from the US in view of the effectivity of Pfizer and BioNTech COVID-19 vaccine, which resulted to a sharp rise in the energy complex across the barrel.

The Asian gasoil/diesel market has improved sentiment on expectation of tightening supply, consistent with Platts assessment that Asian refinery runs are relatively weak in November and December due to weak margins.

• Platts however has seen limitation in gasoil price uptick in the near term, as Middle East volume are arriving in Singapore due to closed arbitrage for East of Suez to Europe. European demand has been further depressed by the second wave COVID-19 outbreaks and lockdowns.