{"id":5656,"date":"2021-03-01T13:49:25","date_gmt":"2021-03-01T13:49:25","guid":{"rendered":"https:\/\/dailyrapidnews.com\/eng\/?p=5656"},"modified":"2021-03-01T13:49:25","modified_gmt":"2021-03-01T13:49:25","slug":"oil-jumps-on-vaccine-optimism-us-stimulus","status":"publish","type":"post","link":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/01\/oil-jumps-on-vaccine-optimism-us-stimulus\/","title":{"rendered":"Oil jumps on vaccine optimism, US stimulus"},"content":{"rendered":"

Oil prices rose on Monday, supported by optimism about Covid-19 vaccinations, a US stimulus package and growing factory activity in Europe despite coronavirus restrictions.<\/p>\n

Brent crude was up $0.63, or 1%, at $65.05 a barrel by 1150 GMT and US West Texas Intermediate (WTI) crude jumped $0.62, or 1%, to $62.12 a barrel. Both contracts finished February 18% higher.<\/p>\n

\"Oil-jumps-on-vaccine-optimism-US-stimulus-rapid-news-rapidnews-dailyrapidnews\"<\/p>\n

\u201cThe three major supportive factors are the prevalent vaccine rollouts, the optimism about economic growth and the view that the oil balance will get tighter as a result of the first two points,\u201d PVM Oil Associates analyst Tamas Varga said.<\/p>\n

Support also came from a $1.9 trillion coronavirus relief package passed by the US House of Representatives on Saturday.<\/p>\n

If approved by the Senate, the stimulus package would pay for vaccines and medical supplies, and send a new round of emergency financial aid to households and small businesses, which will have a direct impact on energy demand.<\/p>\n

The approval of Johnson & Johnson\u2019s Covid-19 shot also buoyed the economic outlook. Manufacturing data from around the world was mixed.<\/p>\n

\"Oil-jumps-on-vaccine-optimism-US-stimulus-rapid-news-rapidnews\"<\/p>\n

China\u2019s factory activity growth slipped to a nine-month low in February but German activity hit its highest level in more than three years and eurozone factory activity raced along thanks to soaring demand.<\/p>\n

Organisation of the Petroleum Exporting Countries and allies, a group known as OPEC+, meet on Thursday and could discuss allowing as much as 1.5 million barrels per day (bpd) of crude back into the market.<\/p>\n

ING analysts said OPEC+ needs to be careful to avoid surprising traders by releasing too much supply.<\/p>\n

\u201cThere is a large amount of speculative money in oil at the moment, so they will want to avoid any action that will see (those investors) running for the exit,\u201d the analysts said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Oil prices rose on Monday, supported by optimism about Covid-19 vaccinations, a US stimulus package<\/p>\n","protected":false},"author":1,"featured_media":5658,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-5656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nOil jumps on vaccine optimism, US stimulus | Rapid News<\/title>\n<meta name=\"description\" content=\"Oil prices rose on Monday, supported by optimism about Covid-19 vaccinations, a US stimulus package and growing factory activity\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/01\/oil-jumps-on-vaccine-optimism-us-stimulus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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