The oil market is getting ahead of itself in terms of a post-vaccine euphoria,” independent energy trader Vitol’s Asian operations head Mike Muller recently said, according to Bloomberg.
Meanwhile, Gunvor’s Chief Executive Officer Torbjorn Tornqvist said that gains above $60 might remain elusive, as that would prompt oil companies to ramp up production.
West Texas Intermediate crude trades near $58.30 per barrel at press time, having risen from $52 to $58.91 in the past eight trading days. The North American oil benchmark has gained 20% so far this year on expectations of swift coronavirus vaccine-led global economic recovery.
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