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.
If output increases as planned from January, the world will have to face a new 200 million bbl surplus through May, Rystad Energy calculates.
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 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 have swung towards both sides today, due to the uncertainty that the OPEC+ meeting created, and as the US election is coming closer and closer.