FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford
Having recently hit 11-month highs, oil is caught between lingering doubts over any recovery in demand as the pandemic continues to rage, offset by optimism for more stimulus from the newly installed Biden administration in the United States to support economic growth as vaccines are rolled out. “The negative sentiment sweeping Asia today, as the reality of U.S. stimulus politics dawns, has seen both contracts move lower,” said Jeffrey Halley, senior market analyst at OANDA.
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American COVID cases have been falling during January Daily new confirmed COVID-19 cases
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