WEEKLY ENERGY RECAP: December 11, 2020

WEEKLY ENERGY RECAP: December 11, 2020

WEEKLY ENERGY RECAP: December 11, 2020

WEEKLY ENERGY RECAP: December 11, 2020

The upward momentum in oil prices is driven by improving market sentiment amid optimism regarding the coronavirus (COVID-19) vaccine. (AFP/File Photo)

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WEEKLY ENERGY RECAP: December 11, 2020

Brent crude price almost hit the important $50 barrier for the first time since March 2020

Updated 12 December 2020

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Oil prices made their sixth consecutive weekly gain, despite unchanged fundamentals and bearish market developments, including increasing supplies, higher inventories and low refining margins.

Brent crude price almost hit the important $50 barrier for the first time since March 2020, which was the pre-pandemic price level. At the weekly closing, Brent crude price rose to $49.97 per barrel. WTI closed the week rising to $46.57 per barrel, the highest level in nearly nine months.

The upward momentum in oil prices is driven by improving market sentiment amid optimism regarding the coronavirus (COVID-19) vaccine. While market fundamentals remained unchanged, they could have been pressured further by the surprise surge in US crude oil inventories “” up by 15.2 million barrels “” and OPEC November crude oil production, which rose to a seven-month high of 25 million barrels per day (bpd), mainly as a result of increased Libyan output.

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