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Oil Boosted By Better Risk Sentiment
Crude prices have enjoyed a strong rally this week with the market breaking out to its highest level since March in response to the ongoing pickup in risk markets. Traders are encouraged by the recent string of positive headlines relating to COVID vaccines under development by several firms. With around 4 vaccines now slated to be over 90% effective, governments have outlined plans to commence rolling the vaccines out ahead of year-end. The aim is to get economies back to normal by Q2 2021. This has obviously been a big boost for sentiment in the oil market given the uptick in demand expectations as a result of this news.
EIA Reports Inventories Drawdown
This week, crude prices were also helped by the latest update from the Energy Information Administration. They reported that US crude inventories were lower over the week ending November 20th.
The EIA reported a 0.8 million barrel decrease in headline oil stocks, this was well below the 0.1 million ...
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