• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 29 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 8 hours China's aggression is changing the nature of sovereignty.
  • 19 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 22 hours CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 1 day OPEC+ Expects Large Oil Glut In Early 2022
  • 4 hours Ukrainian Maidan after 8 years
  • 20 hours NordStream2
  • 4 hours Delta variant in European Union
  • 18 hours President Biden’s Nuclear Option Against OPEC+ - Waste of Time
  • 1 day Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 1 day Forecasts for Natural Gas
  • 4 days "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 2 days Big Bounce: Russian gas amid market tightness - new report by Oxford Institute for Energy Studies
Editorial Dept

Editorial Dept

More Info

Premium Content

The Stimulus Rally In Oil Isn’t Over Yet

U.S. West Texas Intermediate crude oil futures are trading slightly lower on Friday, but still holding on to its weekly gains. The price action is being manipulated by escalating tensions between the United States and China against a backdrop of rising coronavirus cases, which could be dragging down fuel demand. At times this week, the market also reacted to the extremely weak U.S. Dollar, which made the dollar-denominated asset more attractive to foreign buyers.

The market took on a bullish tone early in the week when the European Union announced the approval of a massive recovery fund to help Euro Zone economies devastated by the coronavirus. The ensuing rally is responsible for nearly all of the market’s gains this week.

The EU news was so bullish that it encouraged traders to ignore a surprise build in U.S. crude oil inventories and worries that a surge in U.S. coronavirus cases could cap fuel demand. However, ahead of the weekend, it looks as if these factors are weighing on prices, creating a weaker tone that could extend into next week.

The following were the major stories driving the price action this week.

Escalating US-China Tensions Raising Concerns Over Economic Recovery

Helping to weigh on prices on Friday was the announcement that China ordered the United States to close its consulate in the city of Chengdu on Friday, responding to a U.S. demand this week that China close its Houston consulate, as relations between the world’s…





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News