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Home Markets Commodities

Oil prices up, triggered by COVID-19 Vaccines

Olumide Adesina by Olumide Adesina
December 10, 2020
in Commodities
global oil market, Bonny Light and Brent crude oil, Arthur Eze, Nigeria cuts crude oil production to 1.77mbpd, Nigeria wants international oil companies to pay up now , OPEC+ deal gets a boost as Russia and Saudi Arabia consider further output cut, 4 key reasons why Brent crude might slip back to $35 per barrel, How substantial is compliance for the Oil market?

Crude oil

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Oil prices rallied higher at the fourth trading session of the week.

The gain was significantly attributed to reports showing the U.K.’s rollout of a COVID-19 vaccine and the imminent arrival of such a COVID-19 vaccine to the United States’ economy, triggering hopes of a recovery in fuel demand and eclipsing a larger-than-expected build in U.S. crude stocks during the previous week.

READ: OPEC+ forced to delay talks as disagreement in the cartel deepens

RelatedPosts

OPEC says global oil markets to enter surplus in Q3 2022

OPEC says Nigeria’s oil production averaged 1.183mbpd in July 2022

  • At the time of writing, Brent crude oil traded around 0.53% to $49.12, while the West Texas Intermediate gained 0.62% to $45.80.
  • Both oil benchmarks are still trading above the $45 price mark.
  • Oil prices surprisingly are still rallying higher despite reports from the U.S. Energy Information Administration (EIA) showing a surge of 15.189-million-barrel for the week to December 4, much larger than the 1.424-million-barrel plunge some had earlier anticipated.

READ: Gold prices settle high, U.S dollar near a six-year low

What they are saying

Stephen Innes, Chief Global Market Strategist at Axi, in a note to Nairametrics, spoke on the prevailing circumstances pushing oil prices up. He said:

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  • “Oil traded higher as soon as London came in after reports of an explosion at two oil wells in Iraq. While the field does not produce a critical amount, but any oil facility attach typically makes the market nervous in a knee jerk fashion. Meanwhile, the EIA stock report was a shockingly colossal miss.
  • “The market had been expecting a small draw in oil inventories. The 15+ million barrels build pushed Oil down in a straight line. Gasoline and distillates were also very weak with both posting builds throughout. In short, higher imports, record declines in exports, and deficient gasoline demand are what caused this surprise.”

READ: Ripple is selling 33% of its ownership in MoneyGram

Bottom line: Crude oil prices are now priced at the recent trading range, following the supportive outcome of last week’s OPEC+ meeting, positive vaccine news, and an optimistic view of the pace of the global economic recovery.

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Tags: AxiChief Global Market Strategiscrude oiloil pricesOPECStephen Innes

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