At the beginning of a brand new trading week, WTI crude oil prices are on the rise, although the sentiment among traders remains fragile over worries about the ongoing spike in infections, the discovery of new variants of the virus and challenges in vaccine distribution. At the time of writing, WTI crude oil is trading at around $52.41. per barrel.

For now, however, crude oil is holding steady, close to the highest levels seen in three months, as the COVID-19 vaccines roll out across more countries around the world. Traders also remain hopeful that successful trials of more vaccines could boost distribution efforts and help contain the spread of the pandemic soon.

In addition, Saudi Arabia’s deeper supply cuts are set to be implemented starting today, providing additional support to oil markets. In its latest OPEC+ meeting in early January, the world’s largest oil producer had agreed to curb crude production by an additional 1 million bpd through February and March to help balance markets.

According to a recent Reuters poll, crude oil prices are expected to hold steady around the current levels for the most part of 2021, and rebound higher as the year draws to a close. Economic recovery across key markets, aided by vaccine rollouts can help improve oil demand and send prices higher towards the end of the year.