On December 10, the U.S. WTI crude oil futures market prices rose sharply, with the settlement price of main contracts at $46.78/barrel, up $1.26 or 2.8%. Brent crude oil futures market prices rose sharply, the main contract settlement price to 50.25 US dollars / barrel, up 1.39 US dollars or 2.8%. International oil prices, WTI and Brent, both rose sharply on Thursday, with Brent breaking the $50 mark, mainly due to the positive news of the new crown vaccine, the market’s hope for a rebound in fuel demand, and the effect of news of oil well attacks in Iraq, offsetting the negative effect of the substantial increase in commercial crude oil inventories in the United States.

On Thursday, oil prices soared, the most important reason was the release of the good news of the new crown vaccine. The United Kingdom has started mass vaccination of the new crown vaccine, and the United States has achieved remarkable results in previous vaccination experiments. Therefore, it is reported that the United States may approve the application of vaccine soon, which largely re ignites the hope of fuel demand recovery, and also dilutes the benefit of EIA inventory data on Wednesday Empty.

According to the inventory data released by EIA on Wednesday, US commercial crude oil inventories showed a significant increase, with US crude oil inventories increasing by 15.189 million barrels to 503.31 million barrels. Analysts expect a 1.4 million barrel reduction. Meanwhile, U.S. gasoline inventories increased by 4.2 million barrels to 23785.9 million barrels that week. The U.S. inventory data has brought a great negative stimulus to the oil market and brought great pressure on the oil price. However, the market was also affected by the news of the oil well attack in Iraq. On Wednesday, the oil price rose and fell sharply, but closed at the median. It seems that the oil market is still seeking market balance. What breaks this balance happens to be the positive stimulation of the vaccine.

In addition, market participants said that the driving demand in the United States has returned, and it is hoped that the suppressed demand will rebound strongly in 2021. More European and American people may gradually start the driving season and the market is expected to warm up. At the same time, China’s recovery in the late stage of the epidemic is very good, and the market demand has been steadily rising. Both crude oil imports and refined oil consumption are commendable. China is currently the largest country in the world in crude oil import, which plays a strong stabilizing role in global fuel demand.

From the supply side, OPEC + continued to reduce production policy also plays a positive role. OPEC + will only increase production by 500000 B / D next year, which is relatively moderate, and also provides a good environment for oil prices to rise.

Beijing time, Thursday night, the latest news shows that Kuwait and Iran have issued a notice to Asian customers to raise oil prices in January next year, and the market has responded quickly. Oil producing countries are eager for high oil prices, and OPEC + policy may still favor oil prices in the future. On the whole, the business club believes that the oil price may remain strong in the near future, and the oil market is expected to maintain the growth in demand brought about by mass vaccination for a period of time.