Oil prices extended losses today for a second day as OPEC+ pushed its formal meeting to Thursday

The energy market is technically overbought and lower prices trigger funds to take profits. OPEC+ met today but deferred their decision on delaying output cuts until tomorrow

WTI ended the session today at $45.53 per barrel gaining roughly
8% for the week marking a fourth week of increase.

Oil prices ended higher today with many sources assuming that the main catalyst was the positive vaccine news despite the new round of lockdowns.

“It’s a total change of vibe,” said Robert Yawger, director of the futures division at Mizuho Securities USA. “Everything is much more positive now.”

“Another dose of favorable coronavirus vaccine news today has prompted a renewed upswing in the equities that has easily spilled into the oil space,”

“Despite the fact that in reality it will take time for a global vaccine campaign to be implemented, time during which oil demand will suffer, positive news is breaking daily about the vaccine deliveries,”

Oil prices gained today as Pfizer announced its vaccine was more effective than previously predicted. While this is fantastic news for oil markets, it is important to note that real world vaccine efficacy rates may vary from the headline figure.

Oil prices were mostly flat today after yesterday’s strong session as increased measures to control the spread of the virus are putting a damper on implied demand. “Concerns of more lockdowns are hurting near-term demand expectations,”

“Vaccine euphoria has already been priced in heavily since last week, but a second remedy to COVID-19 shows that a large-scale vaccination program, with sufficient amounts for the global population, is somewhat closer now,”