WTI Crude Oil Trades Mixed as US Markets Close for Thanksgiving
WTI crude oil is exhibiting signs of mixed trading on Friday as US markets remain closed for Thanksgiving, and concerns about oversupply and
WTI crude oil is exhibiting signs of mixed trading on Friday as US markets remain closed for Thanksgiving, and concerns about oversupply and weak demand offset optimism surrounding progress towards vaccines against COVID-19. At the time of writing, WTI crude oil is trading at around $44.92 per barrel.
During the previous session, WTI crude oil prices fell by more than 1% as the recent cheer about promising vaccines gave way to rising fears about weakness in oil demand in the wake of the rising number of fresh coronavirus cases. Several countries have announced fresh lockdowns and restrictions in an attempt to contain the second wave of the pandemic, while the supply side remains unchanged even as oil demand dips.
However, despite Thursday’s bearish trade, crude oil prices are have increased by around 6% so far this week amid rising hopes that vaccines could roll out soon and begin to bring the pandemic under control. The distribution of vaccines could send the global economy back on track towards growth and also drive oil demand higher.
Crude oil is also trading weak on Friday as traders possibly indulge in profit taking towards the end of the week and the month after the past few volatile sessions. In addition to the vaccine optimism, expectations that OPEC and its allies could extend deeper supply cuts beyond the current deadline of the end of the year are also lending support to oil prices for now.
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