UPDATE 7-Oil prices settle up over 2% on COVID-19 vaccine news

* U.S. vaccinations swiftly after regulatory approval
* Investors await OPEC+ meeting at end of the month

(New throughout, updates prices, market activity and comments
to settlement)
By Laura Sanicola
NEW YORK, Nov 23 (Reuters) - Oil prices settled up more than
2% on Monday, extending last week's gains as the latest report
of encouraging coronavirus vaccine trials had traders
anticipating a recovery in demand.
Brent crude LCOc1 settled up $1.10, or 2.45 % to $46.06 a
barrel while U.S. West Texas Intermediate crude CLc1 gained 64
cents to $43.06 a barrel, a 1.51% gain. Both benchmarks jumped
5% last week.
British drugmaker AstraZeneca AZN.L said on Monday its
vaccine, developed along with the University of Oxford, could be
around 90% effective. "Another dose of favorable coronavirus vaccine news today
has prompted a renewed upswing in the equities that has easily
spilled into the oil space," said Jim Ritterbusch, president of
Ritterbusch and Associates in Galena, Illinois.
The contango structure in the market, whereby the prices of
front-month delivery contracts are lower than those for delivery
six months later, narrowed to as little as 31 U.S. cents, its
smallest since mid June, reflecting traders' views a sustained
glut is receding. LCOc1-LCOc7 Outlook for demand has improved with news indicating
progress towards developing COVID-19 vaccines. A U.S. official
said the first inoculations in the United States could start a
day or two after regulatory approval was secured. "The oil complex is benefiting from vaccine news and
preliminary data is showing some decent jet fuel demand for the
first time since this whole pandemic started," said John
Kilduff, partner at Again Capital LLC in New York.
Sentiment was also bolstered by expectations that the
Organization of the Petroleum Exporting Countries (OPEC), Russia
and other producers, a group known as OPEC+, would extend a deal
to restrain output.
On the supply side, OPEC+, which meets on Nov. 30 and Dec.
1., will look at options to extend its deal on output cuts by at
least three months from January.
Smaller Russian oil companies are still planning to pump
more crude this year, a group representing the producers said.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Brent 6-month contango shallowest since June https://tmsnrt.rs/3nMeAKO
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>