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Home Markets Commodities

Oil prices rally high on incoming COVID-19 relief program

Olumide Adesina by Olumide Adesina
January 20, 2021
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 were all fired up at mid-week trading session in London.

Holding on to their previous gains on reports that the incoming Joe Biden administration will offer more quantitative easing programs, boosted hopes for energy demand

What you should know: At press time, Brent oil futures gained 0.68% to trade at $56.28 a barrel adding to yesterday’s 2.1% gain. West Texas Intermediate futures rallied by 0.79% to trade at $53.40 a barrel, building on a 1.2% rise seen at the last trading session.

RelatedPosts

Crude oil prices record 11% drop in June on fears of recession

OPEC increases Nigeria’s crude oil production quota to 1.799mbpd in July 

READ: First cargo of Nigeria’s newest crude grade, Ayala, to arrive Europe

  • Both major oil benchmarks stayed above the $50 mark.
  • The Treasury Secretary nominee, Janet Yellen advised the U.S lawmakers in acting fast on COVID-19 support packages during her Senate confirmation hearing held yesterday.

Stephen Innes, Chief Global Market Strategist at Axi in a note to Nairametrics gave valuable insights on the mindset of energy traders in regards to Saudi’s recent cut and massive stimulus package on its way to financial markets stating;

“The energy markets are racing higher out of the gates in Asia aided by a lower dollar and hopes of a sizeable economic stimulus package from the Biden administration.

READ: Covid-19: Nigerian government explains how it will fund proposed N2.3 trillion stimulus

“Energy traders are packing in a chunky stimulus-response that might matter to investors from both a commodity and currency perspective where the US dollar could weaken to oil prices benefit since crude is priced in US dollars.

“The most favorable elixir of US stimulus and the imminent Saudi production cut bolstering efforts of OPEC+ to keep supply well below demand this year continue to help price action.”

READ: Non-oil sector is critical to Nigeria’s economic recovery in 2021 – Cordros Capital

What to expect: Ahead of presidential inauguration day, Oil traders offer up a Biden policy seal of approval on the agenda’s sequencing with vaccinations plus stimulus now and taxes later, to drive risk through the first half of 2021.

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Tags: Chief Global Market Strategistoil tradersOPECStephen Innes

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