Oil prices advanced on Monday, with WTI crude trading nearly $47.0 a barrel while Brent crude staying around $50.0 a barrel at around 06:15 AM GMT, buoyed by hopes that a rollout of COVID-19 vaccine globally will improve global crude demand.
The US has kicked off its vaccination campaign against the virus, with the first shipments speeding across the country as part of a historic mission to vaccinate over 100 million people by the end of March 2021.
Meanwhile, an oil tanker off the Saudi Arabian port city of Jeddah has suffered an explosion Sunday, with the Singapore-flagged BW Rhine saying all 22 sailors on board escaped without injury after the attack. On the supply side, OPEC+ will meet again on January 4th to analyze how markets reacted to their decision to curb oil production.
Limiting the rise was uncertainty over a new stimulus in the US as well as Iran’s plan to produce 4.5 million bpd and export 2.3 million bpd of it, if current US sanctions are lifted.