Oil ticks up on accelerating vaccination campaigns
Oil prices rose on Wednesday as accelerating vaccination campaign rollouts helped brush off early concerns over rising stocks and declining oil demand.
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Oil prices rose on Wednesday as accelerating vaccination campaign rollouts helped brush off early concerns over rising stocks and declining oil demand.
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Oil prices got a new boost on Friday, as traders saw the OPEC+ compromise as a bullish development after the supply uncertainty that took the market by surprise since the start of the week.
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Oil prices are largely stable on Wednesday as the market avoids leaning heavily on positive vaccine news, waiting for the next day’s crucial OPEC+ meeting instead.
Oil prices moved only marginally on Tuesday as the market waits for a clear message from ongoing OPEC+ negotiations, after a turbulent meeting the previous day.
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Oil prices declined on Monday as OPEC+ does not appear to have a clear consensus yet on extending its current production levels, contrary to what the market has already priced in.
Oil prices finally put a halt on their continuous rise, as traders focused again on the worsening short-term oil demand.
Oil prices continued to rise today on confidence that Covid-19 vaccines and OPEC+ will help the market earlier than expected.
Oil rose on Wednesday on vaccine and OPEC+ hopes, but the ground may be too shaky to support such gains.