WTI Crude Oil Makes Gains as US Gets Ready for Vaccine Rollout
WTI crude oil is starting the fresh trading week on an optimistic note, with prices strengthening over expectations that the rollout of COVID-19 vaccines around the world can help spur oil demand. At the time of writing, WTI crude oil is trading at around $46.86 per barrel.
Crude oil prices have made gains for six straight weeks so far, over rising hopes for the vaccine development and rollout successfully containing the pandemic and helping the global economy recover from the downturn. Economic recovery would in turn normalize demand and balance oil markets better, which have suffered despite leading oil producers curbing crude production in recent months.
The US finally granted emergency approval to Pfizer’s vaccine and began its inoculation campaign on Sunday, further lifting the sentiment in oil markets, and helping WTI crude oil prices make more gains into Monday. As more people begin receiving the vaccine, traders are hopeful that authorities across the US and other parts of the world would ease lockdown measures and allow normal levels of economic activity to resume.
In addition, crude oil prices also received a small boost after trade deal discussions between the UK and the EU extended past the Sunday deadline. An extension of negotiations has markets hoping that both sides finalize a trade deal before the end of the Brexit transition period on December 31.
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