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Oil Rally Held Back by Dollar Gains and Equity Sell-Off

Oil closed little changed with a stronger U.S. dollar and broader market selloff sapping momentum from a recent rally. ....

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Oil Edges Higher Alongside Equities With Stimulus Hopes Growing

Oil Edges Higher Alongside Equities With Stimulus Hopes Growing
Bloomberg
1/7/2021
Andres Guerra Luz and Alex Longley
(Bloomberg) Oil gained for a third day as a Democratic sweep in the U.S. stoked optimism around the prospect of more fiscal stimulus under the incoming Joe Biden administration.
The slight rise of less than 1% on Thursday left futures in New York at their highest since late February. Prices tracked a move higher in equities as Democrats are poised to take control of the Senate, House and presidency, setting the stage for additional virus aid that could boost ailing fuel demand.
With the Biden administration taking over and Democrats set to control both chambers, “it looks like stimulus packages will be swiftly approved,” said Gary Cunningham, director at Stamford, Connecticut-based Tradition Energy. “That’s going to hopefully provide enough economic relief to keep petroleum demand elevated.” ....

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