image credit: haymarketrebel / Flickr

Oil’s Brief Rally Fades With Supply Risks Countering Stimulus

December 28, 2020

A brief rally in crude oil deflated Dec. 28 as investors ignored a broader market surge that pushed equities to an all-time high and focused instead on looming new supply from OPEC+.

Futures in New York were little changed in the wake of thin trading volumes. Russia’s deputy prime minister said the nation plans to support a further gradual increase in OPEC+ production at the next meeting in January, because crude prices are within an optimal range.

Read More on Transport Topics