As we expected, the price of Brent crude oil closed the week lower than the previous week. The price of Brent crude oil closed at $51.29 after closing the prior week at $52.26, which was the first weekly decline since the beginning of November. The negative news about COVID-19 outweighed the optimism associated with the vaccines. The price of WTI also declined with the price of WTI closing the week at $48.30 after closing the prior week at $49.10.
While closing lower this week than the prior week, oil prices rebounded from the lows that were seen on Tuesday when the price of Brent crude fell to $49.28. Prices rebounded, in part, because of the US Congress moving toward agreement on another stimulus/recovery package of some $900 billion. Another supportive factor was the drawdown in US stock levels including stock levels of crude oil, gasoline, and diesel fuel...
Members of our Short-Term Outlook can read the detailed analysis: READ THE REPORT
This weekly report is an excerpt from our Short-Term Outlook service analysis, which covers a period of eight quarters and provides monthly forecasts for crude oil, natural gas, NGL, refined products, base petrochemicals and biofuels. Contact John Paisie (+1-832-517-7544 or E-mail) for the detailed analysis or for more information about the Short Term Outlook.