Though the full impact of a vaccine on crude demand is still a way off, China’s oil processing rebounded in October to match a record, as consumption in Asia continues to vastly outpace that of regions still afflicted with the virus. Oil capped its biggest weekly advance since early October on Friday after news of Pfizer’s Covid-19 vaccine breakthrough. WTI is $41.67; Brent is $44.27
Crude is still up about 10% this week. News of a potential Covid-19 vaccine breakthrough spurred a sharp jump in global markets on Monday. Futures have been supported by indications that the OPEC+ alliance is closing in on a deal to delay a planned easing of output cuts. WTI is $40.22; Brent is $43.16
Oil surged almost 12% this week, with most of the gains coming after news of a Covid-19 vaccine breakthrough. However, the coronavirus continues to spread in Europe and the U.S., and a global stock market rally showed signs of stalling on Thursday. WTI is $41.25; Brent is $43.66
Oil prices rally as the American Petroleum Institute reported crude inventories dropped by 5.15 million barrels last week, with gasoline and diesel also decreasing. Official government figures are due Thursday. The median estimate in a Bloomberg survey had forecast a 1.9 million-barrel decline in crude stockpiles. WTI is $42.67; Brent is $44.94
Brent futures for six months out were at their strongest since March, a sign that traders are growing more positive on supply and demand balances for the second half of the year. Europe is still under new virus restrictions while consumption is improving in China, and oil demand in Japan is roughly back to normal. WTI is $40.40; Brent is $42.81
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