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Crude Oil Rally May Lose Steam on Virus Threat, Softer Physical Demand

Crude Oil Rally May Lose Steam on Virus Threat, Softer Physical Demand
CRUDE OIL PRICE OUTLOOK:
A softening demand in the physical oil market signals further pullback in prices
WTI crude oil prices pared intraday losses as USD retreated, US passed stimulus package
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Crude oil prices erased deep intraday losses and rose back to Friday’s closing mark as the US Dollar retreated. Yet, oil prices have likely retraced from their 10-month highs amid headwinds of a new type of coronavirus strain found in the UK, which is reportedly 70 percent more transmissible than the original. Sentiment took a hit as the potential for wider spread may threaten further lockdown measures and travel bans between the UK and the Europe in a time when both sides are trying to finalize a post-Brexit trade agreement. A worsening virus situation and Brexit uncertainties may point to an extension of travel restrictions and trade complications between the two ....

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Real Oil Price Rally Fades as Asia's Buying Spree Winds Down

Real Oil Price Rally Fades as Asia’s Buying Spree Winds Down
Bloomberg
12/22/2020
Sharon Cho and Sherry Su
(Bloomberg) A rally in the physical oil market is losing steam as Asian refiners ease purchases after an earlier-than-usual buying spree.
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Many processors in the region have almost fulfilled their needs for spot cargoes that will be mostly loaded in January and February, according to traders. Asian demand had driven up the price of real barrels of oil everywhere from the Middle East to Russia and Latin America, with some independent Chinese refiners snapping up crude early in the month to secure supply. ....

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