Oil prices in violently positive reaction

RIGZONE | Oil prices reacted in a “violently positive” manner on Monday as the market priced in the possibility of a quicker roll-out of a global vaccine, Rystad Energy’s head of oil markets, Bjornar Tonhaugen, outlined in a statement sent to Rigzone.

“In the eyes of traders, a vaccine will help ensure no future lockdowns are needed and will bring people back to the streets, allowing road and air transport to recover,” Tonhaugen said in the statement.

“Essentially a vaccine is a bullish sign against Covid-19 pessimism. The pandemic is what keeps oil demand from recovering and this is clearly positive news for the market,” he added.


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