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Home Commodities

Oil Pushes Higher for 7th Week

December 18, 2020
in Commodities
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Even though some Oil prices edged lower today, overall, the commodity maintained its upward momentum for the seventh week in a row.

Oil Futures fell to approximately $48 a barrel as the USD rose, making commodities priced in it less attractive. Other oil products also saw declines recently seen by West Texas Intermediate (WTI), which fell 0.3% a barrel and Brent by 0.4%.

Opposingly, Crude climbed to its highest levels in almost 10 months. Many believe this is due to the enthusiasm that once a vaccine is widely administered, it will instigate a sustained recovery in fuel consumption. Also, Asia’s physical market has seen a strong demand, which has contributed to the driving of prices for Russian, Middle Eastern, and U.S. barrels. Indian refineries are running at full tilt as well, although there are signs of softening demand, especially in South Korea, as the virus sees stages of a comeback.

This rising trend is partially due to stimulus deals being finalized, one that may boost near-term demand ahead of the rollout of a COVID-19 vaccine, especially in the USA. The stimulus package will be worth almost 900 billion dollars with the hopes that the U.S. will distribute the first wave of vaccinations this week.

Despite all this, the market still faces several hurdles, including additional supplies from OPEC along with resurgent virus cases. All this has impacted demand, but some experts believe this hit is smaller than earlier in the year. Overall, the oil market is likely to remain range-bound and choppy, with producers taking advantage of prices edging higher due to vaccine enthusiasm potential tightening of pandemic restrictions.

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Disclaimer: All content, posts, articles, pictures, links, and information published here and throughout LegacyFX’s Blog are for informational purposes only and do not constitute an official opinion or call-to-action by LegacyFX. Opinions and information presented here may not coincide with other market reports and experts. Nothing presented should be construde as investment advice, recommendation, or suggestion to perform an actions with a financial instruments. The company carries zero influence over any markets and signals. Therefore, the company cannot be held liable for nor guarantee any profits or losses.

All content rights reserved. When copying or republishing the materials presented here, a link to blog.legacyfx.com or attribution in the format of "Provided by LegacyFX Blog" is required. Failure to comply with this rule may result in legal action. For general questions, please contact us via the form on the "Contact Us" page.