Gains capped by surprise rise in US crude stocks, tighter Covid lockdowns

Commodity has recovered in past few weeks supported by hopes of demand recovery

Prices extend gains after shipping firm said oil tanker was hit by external source at Jeddah port

Concern over attack on Iraqi oilfield lent further support

Worsening Covid-19 situation in Europe weighs on prices

Prices were briefly buoyed by world’s first fully tested Covid-19 vaccine shot

Increase in coronavirus cases globally has forced renewed lockdowns

Group is leaning towards oil cuts rollover with gradual increase in output over coming months

Prices hit by surprise build in oil inventories in United States

Vaccine optimism lifted both crude contracts by around 27% in Nov