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Vaccine optimism (euphoria?) is also outweighing the news of record Covid deaths and hospitalizations here in the US. “We’re higher, despite super bearish events – it’s all about stimulus,”
Oil prices rose today, buoyed by hopes of a US stimulus deal which is gaining bipartisan momentum.
Oil prices edged up today on an OPEC+ deal and bullish jobs report. OPEC+ agreed to a modest output increase beginning
“News of the U.K. vaccine approval is what the oil market needed more than anything else to get demand up…the rest is largely just noise,”
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,”