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Improving Demand Outlook Propels Oil Higher

OIL

Oil has inched further higher, supported by the recovery in risk sentiment and improving demand outlook following the successive Covid vaccine announcements of Pfizer, Moderna and Oxford-AstraZeneca, as well as signs that Joe Biden will have a smoother than expected transition to the White House.

  • Lingering speculation of an extension of OPEC+ cuts is providing further support on the margin.
  • Brent crude trades at USD48.19/b, having retreated from a session high of USD48.75/b and still hovering around multi-month highs. WTI trades at USD45.17/b, near the middle of the day's range (L: USD44.73 / HUSD45.72) and 0.51% higher on the day.

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