the beginning of a new chapter for crude oil!
There are several important questions for the oil market. The first question is whether other vaccine developers will have similar success like Pfizer and BioNTech. The second question is when a vaccine (or, most likely, a group of different vaccines) will be deployed in a sufficient quantity to stop the pandemic.
While financial markets are very focused on future developments, oil is a physical product whose fate still depends on the realities of day-to-day demand.
Vaccine news are bullish for oil in the long-term, but it remains to be seen whether oil will be able to get to higher levels in the near term at a time when demand is under pressure due to lockdowns in Europe.
There are several important questions for the oil market. The first question is whether other vaccine developers will have similar success like Pfizer and BioNTech. The second question is when a vaccine (or, most likely, a group of different vaccines) will be deployed in a sufficient quantity to stop the pandemic.
While financial markets are very focused on future developments, oil is a physical product whose fate still depends on the realities of day-to-day demand.
Vaccine news are bullish for oil in the long-term, but it remains to be seen whether oil will be able to get to higher levels in the near term at a time when demand is under pressure due to lockdowns in Europe.