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Wavering Oil Market in Post-pandemic Era

As the U.S. would probably boost the stimulus and fuel demand would likely increase, oil prices saw a rise in today’s market. Brent crude oil grew 52 cents while WTI (U.S. West Texas Intermediate) increased 56 cents on Tuesday. The new type of the coronavirus has prompted fresh restrictions, which might bring a rise in future demand and inflict oil prices. The approaching meeting (January 4) by OPEC and its associates (Russia and PEC+) will perhaps affect the oil market, as well. OPEC plus supports the market and aims to increase oil output by 500,000 bpd the first month of the new year. Equally, Russia will do the same in February 2021. Alexander Novak, Deputy Prime Minister of Russia, said yesterday the new year would see extra oil demand (5 to 6 million bpd). Samira H.
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By Samira Hassanzadeh on October 19, 2021

Continuous Imbalance in Oil Market

At a time of growing new coronavirus, oil prices plummeted recently triggering concerns over fuel demand’s recovery. A commodity analyst at UBS Wealth Management, Giovanni Staunovo, said the reports of a new streak of Covid-19 in Europe has impacted the oil prices. And this is while lockdown restrictions don’t seem to be much effective, he continued. In this regard, Alexander Novak, Russian politician, said too that balance in the oil market would probably take place in the next two or three years. Brent prices went up last week, the first time after the outbreak, under the aegis of the vaccine’s emergence. However, a new streak of coronavirus, with a presumed 70% higher transmutability rate, has sparked distress among people. Consequently, borders to Britain- where the new virus was first observed- has been closed in neighboring countries. The virus has also been diagnosed in countries like Italy, Australia and the Netherlands as well. Samira H.
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By Samira Hassanzadeh on October 19, 2021

Would Vaccines Recover Oil Market?

Monday, November 23, 2020, saw a surge in oil prices, over 1%. The recovery comes as the vaccine test for coronavirus gains strength. Brent crude oil climbed 74 cents, 1.6%, and West Texas Intermediate crude surged 55 cents, 1.3%. Contango, shrank to 32 U.S. cents, the lowest level since June 15th. Demand is expected to increase as the vaccine for the virus makes headway. According to an unnamed U.S. official, once the regulative approval is gained, the first injections will be tried. On the other hand, AstraZeneca, the British - Swedish pharmaceutical company, said the vaccine, which has been discovered with some assistance from the University of Oxford, might gain some 90% success. Stephen Brennock, Oil Analyst at PVM Oil Associates, said investors have unheeded recent news and are waiting for the coming summer, however. Samira H.
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By Samira Hassanzadeh on October 19, 2021

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