Brent

Increase in vaccinations, revival in economic activity lift prices

Brent crude has risen for nine sessions in a row, its longest sustained period of gains since Jan 2019

Saudi Arabia is curbing supply in February and March prompting forecasts of supply deficit this year

Both contracts rose to their highest levels since January 2020

Vaccine rollout fuels hopes of easing of lockdowns, boosting oil demand

OPEC expects output reduction to keep market in deficit throughout 2021

Democrats’ advance toward Biden’s proposed $1.9tr coronavirus plan bolsters market

Both major crude oil contracts rose more than 2%

Benchmark index falls 137.09 points to settle at 46,248.45

Analyst expects Brent crude to hit $60 a barrel by mid-year

Saudi Arabia is set to cut output by 1m bpd in February and March

Huge 10m-barrel decline in US crude inventories supports prices

Benchmark KSE-100 index gains 170.75 points to settle at 46,458.13

In focus will be results of US Federal Reserve’s two-day policy meeting

Prices tick up alongside European shares, after Saudi blast reports

Indonesian coast guard seized two vessels over suspected illegal fuel transfers

Global demand can decline in Q1 of 2021 as many regions have re-introduced mobility curbs

Rising Covid-19 cases in China also weigh on prices

OPEC curbs, forecasts of drop in US crude inventories support price rise

IEA pointed to recovery in oil demand later this year to average of 96.6m barrels per day

Security concerns ahead of US presidential inauguration drag on investor sentiment

Brent, US crude contracts are heading for first weekly decline in 3 weeks

China reports biggest daily jump in Covid-19 cases in more than 10 months

Optimistic mood among investors, positive signs on supply and demand lend support

Saudi Arabia supply cut is part of OPEC-led deal in which most producers will hold output steady

Recovery in oil demand is stalling in Europe due to prolonged movement restrictions

Rally in global shares also lent some support to crude prices

UBS raised its forecast for Brent oil prices to $60 per barrel by mid-year

Unrest at US Capitol by President Trump’s supporters appears to have little impact

Earlier in session, Brent crude rose to about 11-month high

Saudi Arabia argues against pumping more because of new lockdowns that are likely to limit demand

Hopes vaccines may curb spread of virus, drive economic rebound fuel rally

Survey shows oil prices are not expected to make much progress in 2021

Both crude benchmarks on track to end year about 20% lower

OPEC+ meeting on January 4 looms over the market

Start of European vaccination campaign outweighs concern about weak near-term demand

US crude inventories fell 562,000 barrels in the week to December 18 to 499.5m barrels

Prices take hit after Trump threatened not to sign $892b coronavirus relief bill

Analyst says given scale of crude’s two-month rally, deeper correction cannot be ruled out

Negative sentiment overshadows weekend deal for $900b US relief package

Covid-19 relief bill likely to continue to fuel bullish momentum

Prices also boosted by US lawmakers edging closer to deal on $900b relief package

Gains capped by surprise rise in US crude stocks, tighter Covid lockdowns

Prices extend gains after shipping firm said oil tanker was hit by external source at Jeddah port

Promising vaccine trials helped lift gloom over record rises in new Covid infections

Concern over attack on Iraqi oilfield lent further support

Worsening Covid-19 situation in Europe weighs on prices

Prices were briefly buoyed by world’s first fully tested Covid-19 vaccine shot

Increase in coronavirus cases globally has forced renewed lockdowns

Support also comes from $908b coronavirus aid plan gaining momentum in US Congress