The party is not over yet for oil price. The rebound started once the victory of Joe Biden became clearer is continuing with the news of Pfizer’s vaccine giving further fuel to the barrel with WTI trading above $40.
Investors are expecting that this vaccine (maybe followed by others coming from other pharma companies) could shorten the crisis coming from the pandemic, which has been hugely detrimental for oil demand. It is no surprise to see both oil prices and the stocks of oil companies rebounding so positively.
