Oil prices were trading down for the day before trading up later in the session on news of a big proposed stimulus package by the incoming administration. The Biden admin is proposing a $2T stimulus package that includes direct payments to individuals and money for state and local government. “The complex remains in pause mode, a development that should not be surprising given the magnitude of the oil price gains that have been developing for some 2-1/2 months,” Jim Ritterbusch, president of Ritterbusch and Associates, said. China is reporting its biggest daily jump in Covid cases in 10 months. “The Saudi cuts are priced in since last week, even a bit more than was reasonable under market conditions, and a rationalization of prices was overdue,” said Rystad oil market analyst Bjornar Tonhaugen. “Seeing COVID-19 infections rise in China by the largest margins in a long time is alarming for the market and, combined with strict ongoing lockdowns in Europe, may affect oil demand much more than initially anticipated in the first quarter. WTI traded up $.66 or 1.25% to close at $53.57. Brent traded up $.36 or .64% to close at $56.42.
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Thanks to followers like you we were able to reach our goal of 1,000 LinkedIn followers. Since our last promotion was so successful we are going to do it each quarter! Help us reach 1,500 followers by Q2 and you will be put into our next raffle to win a PFLX railcar! All you need to do to qualify is Like and Share our latest Railcar Giveaway post on LinkedIn and follow our LinkedIn page! Once we hit our Quarterly goal our very own Lisa will draw a random name from a hat.
Disclaimer – Only one person will be selected at random to win per quarter. PFL must reach 1,500 total followers by the start of the Second Quarter. (As of writing this PFL is at 1,087 followers) To qualify you must like, share the post on LinkedIn and follow the PFL LinkedIn page. You must be 18+ and live within USA or Canada. See link below for the LinkedIn post. Redrawing will be held in the event the winner cannot be reached.