Early on Wednesday, analysts from the National Australia Bank (NAB) published their analysis of oil prices, shared by Reuters, noting that the stimulus plan announced by Joe Biden will support growth and demand for oil in the United States.
While his initial optimism is based on US President-elect Joe Biden’s $ 1.9 trillion fiscal stimulus, the cut in global demand in the first quarter at 58,000 barrels per day from the International Energy Agency (IEA) and Saudi Arabia’s 1 million barrels per day production cut are additional catalysts that put them under a cautious optimism.
The NAB report also notes: “The risk right now is around coronavirus lockdowns. We have seen some countries extend lockdowns.”
That said, WTI oil prices they are currently up 0.77% intraday to $ 53.37 amid a weak US dollar.
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
