The party is not over yet for oil price. The rebound started once the victory of Joe Biden became clearer is continuing with the news of Pfizer’s vaccine giving further fuel to the barrel with WTI trading above $40.
Investors are expecting that this vaccine (maybe followed by others coming from other pharma companies) could shorten the crisis coming from the pandemic, which has been hugely detrimental for oil demand. It is no surprise to see both oil prices and the stocks of oil companies rebounding so positively.
Chief analyst at ActivTrades and technical analyst for Italian newspaper 'La Stampa'. Carlo Alberto provides regular commentary for UK outlets including the BBC, Telegraph, the Independent Bloomberg & Reuters. He is also a weekly commentator for CNBC Italy and a columnist for La Stampa. He worked for Bloomberg as their Equity Research Fundamental Analyst before joining brokerage ActivTrades in 2011 to specialize in currency markets and commodities. In 2014 he published a 250-pages book on gold and the gold market, followed in 2018 by a new updated edition.
© 2019 High Leverage FX - All Rights Reserved.
© 2019 High Leverage FX - All Rights Reserved.