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Oil is rising ... Brent exceeds $ 48 a barrel


yota691
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Oil continued to rise on Wednesday after closing at its highest level in eight months, with increasing optimism that the recent discoveries of the Covid-19 vaccine would lead to a rapid recovery in global energy demand next year, while Brent scored above $ 48.

 

In another positive sign of consumption, Premier Li Keqiang said that China, the world's largest oil importer, would likely return to a more "favorable" scale of economic development in 2021. China and Japan also agreed to resume two-way travel by the end of November. . 
 
 

Oil prices rose amid positive results for three Covid-19 vaccines. Rises not seen since the pandemic destroyed global demand in March have recovered even as the virus re-emerges with more lockdown measures. The forecast also helped delay OPEC and its allies to boost production planned for January.

West Texas Intermediate for January delivery was up 0.7% to $ 45.20 a barrel on the New York Mercantile Exchange as of 07:10 GMT.
 

Brent rose 0.8% to $ 48.35 on the ICE Futures Exchange, after closing 3.9% on Tuesday.

Goldman Sachs Group said in a note that it expects OPEC + to delay its planned production increase of 2 million barrels per day for three months. It expected Brent crude to average $ 47 per barrel in the next quarter if that happens.

Meanwhile, the American Petroleum Institute reported that stockpiles of crude oil ballooned by 3.8 million barrels, according to people familiar with the data. This will be the third consecutive week of high stocks if government figures confirm later on Wednesday, but the rise in these stocks did not affect oil prices, which rose as a result of the hopes of the Corona vaccine.
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14 hours ago, Pitcher said:

The price of oil going back up might just be the best indicator of a coming RV.

 

Thank you for the article Yota.  

I disagree. They didn't RV when Oil was over 100 and they didn't RV when Oil was under 30. So one can throw out oil as a viable indicator for an RV. However, that is not to say that they will use oil in a compilation ofindicators, just not the main one. A better indicator will be investment and the sustainability of investment from internal and external forces.   

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It’s ok, you are right, nothing happened at 100 or 30.  Things are much different now than when oil was around 100.  Nothing was going to happen with the Pandemic ravaging Iraq and Oil at 30.  A vaccine, the rest of the World getting back to a new normal, a motivated Iraqi Political environment, and Oil heading back up doesn’t hurt.  

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