• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 2 hours Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 2 mins America's pandemic dead deserve accountability after Birx disclosure
  • 1 day Putin blocks Ukraine access to Black Sea after Joe blinks
  • 2 hours U.S. Presidential Elections Status - Electoral Votes
  • 3 days Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 17 hours Fukushima
  • 2 days So. Who's for Universal Basic Income?
  • 3 days Biden about to face first real test. Russia building up military on Ukraine border.
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

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