• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 14 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 12 hours Reality catching up with EV forecasts
  • 10 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 4 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 10 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 4 hours Famous author Michael Crichton talks about the "Climate Change Religion" aka Feudalism 2.0
Why Oil Won’t Trade Above $100 This Year

Why Oil Won’t Trade Above $100 This Year

Commodity analysts at Standard Chartered…

Big Oil Reports Record Profits, But There's A Catch

Big Oil Reports Record Profits, But There's A Catch

Big Oil reported record breaking…

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 Prices Rise As U.S. Vaccinations Begin

Oil prices rose early on Monday after the U.S. FDA approved the Pfizer-BioNTech vaccine for emergency use and shipments of batches of vaccine vials began this weekend, with first vaccinations expected as early as on Monday.  

As of 9:04 a.m. ET today, WTI Crude prices had gained 1.67 percent at $47.34, and Brent Crude was trading at above the $50 a barrel mark, at $50.69, up by 1.48 percent on the day.  

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

ADVERTISEMENT

The U.S. approval of the Pfizer-BioNTech vaccine further strengthened bullish sentiment on Monday that fuel demand could rise with mass vaccination. The U.S. Food and Drug Administration (FDA) issued on Friday the first emergency use authorization for a vaccine against COVID-19. The authorization allowed the vaccine to be distributed in the United States.

Distribution began on Sunday, while vaccine shots will be given to health care workers and nursing home residents as early as of today.

ADVERTISEMENT

The vaccine rollout in the world’s biggest petroleum consumer, the United States, supported oil prices as the market hopes that despite the current heavy toll of COVID-19 infections, hospitalization rates, and deaths, vaccines could accelerate the recovery of fuel demand.

Early on Monday, oil prices were also supported by news of an explosion of an oil tanker offshore Saudi Arabia, in an apparent attack on a Singapore-flagged vessel near Jeddah.  

“Oil is increasingly being viewed as the cheapest of all reflation assets and with this in mind, the prospect for increased investor appetite, together with a recovery in demand, could propel prices higher in 2021,” John Hardy, Head of FX Strategy at Saxo Bank, said on Monday.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage


ADVERTISEMENT


ADVERTISEMENT



Leave a comment
  • Christina Stow on December 14 2020 said:
    Your article has such a positive outlook Tsvetana! With this year coming to an end, our new president, and now the vaccine; it sure seems like oil and gas industry could start out next year extremely strong. If things progress in the right direction, where do you see the WTI crude selling per barrel? I look forward to reading more articles in the future.

    Thanks,
    Christina Stow
    Marketing Administrator at WPI

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