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Oil prices remain stable after six weeks of gains

by Bunkerist
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Oil prices changed little in the fluctuating trade on Monday as the constant surplus of supply in the market greatly offset hopes that the introduction of coronavirus vaccines would boost global fuel demand.

Brent crude futures for February ended the session 32 cents, or 0.6%, higher at $50.29 a barrel, while West Texas Intermediate (WTI)  crude futures for January settled up 42 cents, or 0.9%, at $46.99 a barrel.

OPEC’in küresel petrol talebinin 2021’de koronavirüs salgınının devam eden etkisi nedeniyle daha yavaş toparlanacağını ve grubun ve müttefiklerinin pazarı destekleme çabalarını engellediğini söylemesinin ardından, seansta fiyatlar% 1’den fazla düştü.

Brent and WTI both surged for six consecutive weeks, their longest weekly gains since June.

Signs of increased supply made the market heavier. A National Oil Corporation (NOC) source said Libyan oil production was 1.28 million barrels per day on Monday, compared to 1.25 million barrels in late November.

US energy firms added the most oil and gas rigs since January last week, and producers continued to return to wells.

Global crude oil stocks are still said to be well above 2019 and 2018 levels this month, China is handling major land construction projects in this year, and worldwide demand has not yet returned to pre-Covid levels.

Major European countries continue in lockout mode to prevent the spread of COVID-19, which reduces fuel demand.

In early trade, prices soared when an oil tanker shot in the Saudi port of Jeddah by bombing attack. Traders are used to the flaring tensions in the region for years and when this happens the oil markets are gaining momentum instantly.

The United States has launched its vaccination campaign against COVID-19, which has raised hopes that the epidemic restrictions will soon end and there may be an increase in demand in the world’s largest oil consumer.

OPEC said on Monday that it has postponed the OPEC + Joint Technical Committee and the Ministerial Oversight Committee meetings to 3 and 4 January.

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