Oil Prices Rose Even In Presence Of Adverse Factors

On Tuesday 15 December, in the face of strengthening restrictive measures in a number of Western countries, oil gained about 1.1 percent in price. Moreover the news of continued growth in the production of oil in Libya puts pressure on the prices. The weakening of the OPEC global oil demand forecast by 350 thousand barrels per day in 2021 is also worth remembering.

At close, crude futures from February Brent traded up by 0.93 percent at $50.26, while crude futures from January WTI were up 1.3 percent at $47.62.

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Furthermore the Libyan national oil company NOC announced on Monday a rise in production to 1.28 million barrels per day. Thus the country’s oil production has completely recovered after the oil facility blockade at the beginning of this year. The rise in production will lead to market imbalances, excessive accumulation of reserves and lower prices in the context of weak oil demand.

The weakening of the outlook for oil demand from OPEC is also worth remembering. The organization expects demand to rise by 5.9 million barrels a day in 2021, to 96.89 million barrels, 350,000 barrels lower than the November forecast. The report states that next year’s global demand for oil will rely largely on US politics, Brexit and trade negotiations.

In terms of oil market statistics, weekly data from the American Petroleum Institute (API) on crude oil reserves in the United States will be published today, which saw an increase in reserves of 1,141 million barrels was reported, according to the results of the previous week.

In the biotech companies’ section, a number of stories are played out against the backdrop of the pandemic. Moderna’s shares dropped by 5.06 percent for some reason after it became clear that the modern vaccine was deemed successful by the Food and Drug Administration (FDA) and is ready to issue a permit for its use as of Friday. It is characteristic that, despite the beginning of vaccination in the United States with a vaccine developed by Pfizer in partnership with German BioNTech, Pfizer shares (-1.28 percent) continue to decrease. Apparently, after the companies’ success, investors chose to lock in money.

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