• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 35 mins Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 16 mins https://www.prageru.com/video/whats-wrong-with-wind-and-solar/
  • 14 hours Pollster Frank Luntz released a poll today showing 90% of those that voted for Trump in November would vote for him again.
  • 13 hours Do Republicans like Liz Cheney, Adam Kinzinger, Mitt Romney and now McConnell think voting for Impeachment can save the party ? Without Trump base what is the Republican constituency ? It's over.
  • 14 hours ICE Engines Hear to Stay Regardless of War Against
  • 20 hours Tonight Twitter took down Trump's personal account permanently. Trump responded on the POTUS account.
  • 18 hours CNN's Jake Tapper questions double amputee purple heart recipient GOP Rep's commitment to democracy. Tapper is a disgrace.
  • 10 hours A Message from President Donald J. Trump - 5 minutes from The White House directly
  • 14 hours Minerals, Mining and Industrial Ecology
  • 17 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 13 hours a In 2020, we produced and delivered half a million cars.
  • 14 hours Trump Supporters Just Handed a Huge Propaganda Victory to China
  • 1 day Evidence is evidence, voter fraud by state
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Hits $50 On Vaccine Rollout

Brent Crude hit $50 a barrel on Thursday morning for the first time since oil prices crashed in early March, as hopes of swifter-than-thought vaccine rollout fueled bullish expectations of strengthening oil demand early next year.

As of 10:35 a.m. ET, Brent Crude was rallying by 3.56 percent at $50.60. The price of Brent reached the $50 a barrel threshold for the first time since the first days March, when Saudi Arabia and Russia broke up the previous OPEC+ pact, contributing to massive slides in oil prices exacerbated by the demand crash in the lockdowns in the spring.

The WTI Crude price also hit its highest level since the price crash, and traded at $47.23, up by 3.82 percent on the day.

Oil prices were boosted by Canada approving the Pfizer-BioNTech vaccine, joining the UK. Canada’s health authorities approved on Wednesday the vaccine, and the first doses of the vaccine are expected by the end of this year.

The UK has already started vaccinating vulnerable people and essential personnel, and the first person in the UK received the Pfizer vaccine on Tuesday.

Hopes of faster-than-expected vaccine releases turned the oil market sentiment bullish on Thursday, even after the EIA reported on Wednesday a massive crude oil inventory build of 15.189 million barrels for the week to December 4. This rise in crude inventories came close to the largest crude build ever, which was recorded earlier this year for the week ending April 10, when the EIA reported a 19.25 million barrel inventory build.

On Thursday, the market was already ignoring the massive build last week, due to the vaccine hopes and signs that oil demand in Asia continues to recover and be a bright spot on the market. Indian Oil Corp, the biggest refiner in the world’s third-largest oil importer, said its refineries operated at 100-percent capacity in November, for the first time since the pandemic started, in order to meet growing domestic fuel demand. 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on December 10 2020 said:
    The real reason the Brent crude oil price surged today above $50 a barrel is first and foremost because the global oil market fundamental are getting stronger and also because the start of global anti-COVID vaccination around the world has invigorated the market with the promise that the global economy will soon be back in business.

    And the reason the market ignored a massive build-up of 15.189 million barrels in US crude oil inventory is that it doesn’t believe announcements by the US Energy Information Administration (EIA) about oil inventory build-up figures and by extension US shale oil production and US crude oil export figures either.

    And with the expansion of the global vaccination campaign oil prices could be expected to hit $60 in the first quarter of 2021 rising to $70-$80 by the third quarter.

    Those who have been prematurely and flippantly saying that the pandemic has brought peak oil demand closer should think again and accept that this is a myth promoted by militant environmental activists and hydrocarbon asset divestment campaigners and also vested interests.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News