• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 8 hours NordStream2
  • 12 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 8 hours US intel warns China could dominate advanced technologies By NOMAAN MERCHANT October 22, 2021
  • 4 days The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 17 hours Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 2 days Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030
  • 3 days Storage of gas cylinders
  • 4 days "The Hidden Story About California's Container Ship Backlog" via Corbett Report
Refining Billionaire: $100 Oil Is Likely

Refining Billionaire: $100 Oil Is Likely

With oil prices rallying in…

Brent Oil Hits $86 On Dwindling U.S. Inventories

Brent Oil Hits $86 On Dwindling U.S. Inventories

Brent Crude prices hit $86.10…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Oil Rally Continues Despite Slow Vaccine Rollout

Crude oil prices continued their climb on Friday, poised for a weekly gain of more than 6% as Saudi Arabia took decisive action to voluntarily—and singlehandedly—curb production by an additional million dollars per barrel in hopes of stabilizing the oil markets.

WTI closed out last week at $48.52 per barrel. This week, WTI crude is up 1.38% on the day at $51.55 per barrel—a gain of $3 or more than 6% since last Friday.

Brent crude closed out last week at $51.80 per barrel. This week, Brent is up 1.80% on the day at $55.36 per barrel—a gain of more than $3.50 on the week or nearly 7% since last Friday.

Typically, these OPEC shockers, while meaningful, fail to bolster prices for more than a day, particularly given the striking demand destruction courtesy of the pandemic and the associated lockdowns and travel restrictions. But Saudi Arabia, desperate for Saudi Aramco’s revenues, went beyond what the market had anticipated.

In addition to Saudi Arabia’s extra production cuts, U.S. Democrats gained an advantage in the Senate this week after a hard-fought race in Georgia gave two more seats to their party. This shift of power likely means, according to analysts, that President Donald Trump’s call for $2,000 stimulus payments—as opposed to the $600 that is currently being issued—will become a reality, and soon. The hope is that this round of stimulus payments will increase activity and therefore, increase oil demand.

Meanwhile, the vaccine rollout continues to have some effect on oil prices, but the rollout is slower than many had estimated, and it is unlikely that the vaccine will have any meaningful effect on oil demand until the third or fourth quarter of this year.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

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