Author: David Cohen

Oil prices had a strong session today, shrugging off yesterday’s build in fuel inventories build with geopolitical tensions rising abroad.

Oil prices had a volatile session as gasoline inventories jumped by more than 10MM/bbls with sliding demand as new Covid cases jump.

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Oil saw gains on the opening day of the new year ahead of the scheduled OPEC+ meeting on Tuesday.

Crude prices slipped today after rising slightly yesterday heading into next week’s OPEC meeting. “We’ve had incredibly strong demand numbers through December, so now the question is what OPEC will do,”

Brent settled up 29 cents to close the day at $79.23. WTI also saw gains settling up 41 cents to close the day at $76.56.

. “The stock market appears poised to finish the year at or near record highs with easy spillover into the oil space pushing crude values higher,

WTI traded up $1.78 or 1.42% to close at $75.57. Brent traded up $2.85 or 3.74% to close at $78.99

Oil prices were strong today on a big draw in crude inventories despite the largest build in gasoline inventories in 6 months.

Oil prices rose today, gaining back yesterday’s losses. Markets remain wary of this new virus strain but today was a day of renewed risk appetite.