Crude Oil Futures Settle Higher

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Crude oil prices moved higher on Tuesday amid easing concerns about the outlook for energy demand following the rollout of coronavirus vaccine.

Fairly buoyant economic data from China also helped ease worries about energy demand.

Worries about surging coronavirus cases in several countries, tighter lockdown restrictions in many places and a report from the International Energy Agency that forecasts a slower than expected recovery in global energy demand limited oil’s uptick.

West Texas Intermediate Crude oil futures for January settled at $47.62 a barrel, gaining $0.63 or about 1.3%.

Brent crude futures were up $0.44 or 0.88% at $50.73 a barrel a little while ago.

The Monthly Oil Market Report released by the International Energy Agency this morning said oil demand may drop by 170,000 barrels per day in 2021 due to weaker expectations for Jet fuel/kerosene.

Traders were looking ahead to weekly oil reports from the American Petroleum Institute (API) and Energy Information Administration (EIA). The API’s report is due later today, while the EIA data on crude inventories in the U.S. will be out Wednesday morning.

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