WTI is a little softer on Thursday, weighed by pandemic concerns and bearish weekly inventory numbers. Front-month WTI futures trade a little lower on Thursday midway through US trade, with prices consolidating either side of the $53.00 level and been unable to return back to Wednesday’s $53.80 highs. […] The assumption is that by summer, major economies will have developed sufficient herd immunity to “reopen” their economies, which ought to give crude oil demand (as well as economic activity in general) a significant boost. Anything that threatens that assumption is then, of course, a threat to crude oil markets; traders would do well to continue monitoring stories about potential vaccine ineffectiveness versus new Covid-19 variants. […] Aside from that, expect crude oil markets to continue to trade as a function of the latest pandemic news and the waxing and waning of US fiscal stimulus hopes.
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