Stocks started the week in green in the early trading. In this still “risk-on” scenario, the oil price is extending its gains. Investors are betting on the efficacy of the vaccine and with it, slowing numbers of coronavirus cases within a few months. These expectations – which of course will need to be confirmed later this winter – come in conjunction with the expectation that OPEC+ will renew its current cuts in December. Moreover, crude oil inventories in the US are slowing down. All these elements are supporting oil with WTI now testing $43, while Brent jumped above $45 and continued its rally to $46 to close in on the peak reached in late August.
