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Oil Market Quick View

 

Oil MARKET VIEW

XBRUSD +6.05%

After surging to 45.36 USD a barrel upon news of Pfizer's vaccine, oil prices fell as output in Libya rose, on Friday. Investors are worried that the resurgent pandemic could hurt global demand.

?rude oil and petroleum product inventories in the United States outside the strategic oil reserve declined by 11 million barrels last week and have fallen by a total of 96 million barrels over the past 16 weeks.

KEY POINTS

The drop in commercial stocks is a sign of insufficient supply in the oil market as a result of OPEC+ production cuts.

OPEC+ and refiners will have to maintain production cuts until at least March to avoid renewed downward pressure on oil prices.

Crude oil and distillate inventories are still well above the five-year average.

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