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Published 21 January 2021
Oil prices rose for a second consecutive day on Wednesday, as the market expects the new United States administration to ‘act big’ in the next COVID-19 relief package.
As of 9:17 a.m. ET on Wednesday, the Inauguration Day for President-elect Joe Biden, West Texas Intermediate crude was up 1.53 per cent at $53.77, and Brent crude prices were trading above $56 a barrel – up by 1.16 per cent at $56.52, very close to the 11-month high prices hit last week, according to oilprice.com.
The US dollar dropped after Treasury Secretary nominee, Janet Yellen, told the Senate Finance Committee on Tuesday that the US should ‘act big’ in the upcoming stimulus package.
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Oil prices shook off the risk-off trade on Monday and rose early on Tuesday, amid expectations that U.S. Treasury Secretary nominee Janet Yellen will push for a large relief package to support the U.S. economic recovery
Crude Oil Prices May Extend Gains as Investors Eye OPEC JMMC Meeting 2020-12-13 03:00:00 Daniel Moss, Analyst
Crude Oil Fundamental Forecast: Bullish
Positive vaccine developments and a more moderate than expected easing of OPEC+ output cuts may continue to propel crude oil prices higher.
OPEC’s Oil Market Report and Joint Ministerial Monitoring Meeting may dictate near-term price action.
Vaccine Progress to Underpin Oil Prices
Crude oil prices have stormed higher since falling to multi-month lows at the start of November, climbing over 40% in the last 6 weeks on the back of positive Covid-19 vaccine progress and the decision by OPEC+ to ease output cuts more moderately than expected.