Oil prices finally put a halt on their continuous rise, as traders focused again on the worsening short-term oil demand.
Oil prices continued to rise today on confidence that Covid-19 vaccines and OPEC+ will help the market earlier than expected.
Oil rose on Wednesday on vaccine and OPEC+ hopes, but the ground may be too shaky to support such gains.
Oil prices rose today, supported by optimism about the coming OPEC+ meetings and by China’s recent crude processing data.
Oil prices kept their gains on a combination of good news, the vaccine prospect, US crude stocks and OPEC+ supply indications.
Oil prices extended their gains on Wednesday as Covid-19 vaccine euphoria continues to drive markets, assisted by a report that US crude stockpiles have decreased further than expected for another week.
Oil prices recover as the uncertainty over the US election result subsides, but the market has challenges to face in weeks ahead.
Oil prices have not taken a definite direction today, hovering around the low levels that Covid-19’s second wave brought upon the market this week.
Oil prices continued their free fall for a second day in a row as the market finally corrected itself, pricing in the full impact of a second wave of Covid-19.