“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,”

Oil prices fell today pressured by rising COVID cases and further lockdown restrictions. Production in Libya is also swelling, reaching as much as 1.125 MM/bpd.

Oil prices traded down after initially trading up for the first half of the session as a larger than expected rise in inventories capped gains.

Crude prices continued to rise today as vaccine hopes continued to be supportive of prices and preliminary polling showed a drop in crude inventories.

When the European lockdowns were announced, I never saw sentiment in oil turn so negative so quickly,” said John Kilduff,

If you all of a sudden have a vaccine and we start opening up and life starts getting back to normal, we go from a perception of an oversupplied market to a very tight market next year and that could be very supportive for prices,”

Oil prices fell today with Brent settling back below $40/bbl again as the US presidential election still remains uncalled. New cases of COVID-19 continued to surge, with the US marking more than 100,000 new cases per day for multiple days straight.