Oil price news

Oil prices reversed early losses on Wednesday as some confidence that the existing vaccines can counter the new Covid-19 strain offset concerns over President Trump’s stimulus package pushback.

Oil prices declined on Tuesday as the market ignored news of the US stimulus deal, focusing on the new Covid-19 strain setback.

Oil prices rose on Wednesday as accelerating vaccination campaign rollouts helped brush off early concerns over rising stocks and declining oil demand.

Oil prices got a new boost on Friday, as traders saw the OPEC+ compromise as a bullish development after the supply uncertainty that took the market by surprise since the start of the week.

Oil prices are largely stable on Wednesday as the market avoids leaning heavily on positive vaccine news, waiting for the next day’s crucial OPEC+ meeting instead.

Oil prices moved only marginally on Tuesday as the market waits for a clear message from ongoing OPEC+ negotiations, after a turbulent meeting the previous day.

Oil prices declined on Monday as OPEC+ does not appear to have a clear consensus yet on extending its current production levels, contrary to what the market has already priced in.

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.