Home NewsEnergy | Petroleum Oil records seventh consecutive weekly earnings

Oil records seventh consecutive weekly earnings

by Bunkerist
0 comment

The oil hit a nine-month high on Friday at the end of this week, when COVID-19 vaccines were launched and the US dollar was devalued.

Pfizer applied for approval in Japan for the vaccine used in the UK and the United States. It was also said that the US approval could come for Moderna.

Brent crude settled up 76 cents, or 1.5%, to $52.26 a barrel after touching $52.48, its highest since March. West Texas Intermediate (WTI) crude settled up 74 cents, or 1.5%, to $49.10 after reaching $49.28, its highest since February.

The weak US dollar recovered slightly on Friday. The weak dollar makes oil and other commodities cheaper for buyers using other currencies. There was a significant drop and upgrade the oil complex.

US deputies worked late to agree on a new $ 900 billion aid stimulus for the economy affected by the epidemic.

Oil received support from weekly US official data showing that crude oil stocks were falling more than expected.

Meanwhile, the number of oil and gas drilling rigs, an early indicator of future production, is said to have risen to 346, with eight increases per week, the highest since May.

OPEC + and its allies support the market by slowing the pace of the planned increase in supplies next year, planning to increase the supply by 500,000 barrels per day in January, and will meet in early January to decide on next steps.

Leave a Comment