Oil prices rise after Saudi Arabia pledges voluntary output cut; Nasdaq futures fall as investors prepare for a potential double Democrat victory in Senate elections in Georgia

7.48am GMT

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Markets are eagerly awaiting results from the Senate run-off elections in Georgia, with a double Democrat victory looking increasingly likely, which would hand them control of the upper house. Democrats already control the lower house, the House of Representatives.

Related: Georgia runoffs: Democrat Raphael Warnock wins in Senate battle – live

Despite this bullish supply agreement, we believe Saudi’s decision likely reflects signs of weakening demand as lockdowns return.

Related: UK car sales fall to lowest level since 1992

Related: Top UK bosses are paid 115 times more than average worker, analysis finds

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