Oil Steadies amid Stimulus Enthusiasm, Virus Woes
Oil prices steadied on Monday, with WTI trading around $52.3 a barrel and Brent about $55.4 a barrel as traders balance enthusiasm that Democrats would be able to push forwards its $1.9 trillion coronavirus relief package against virus woes. On the supply side, Iraq engaged in voluntary production cuts to compensate for its overproduction last year. The OPEC’s second-biggest producer will pump around 3.6 million barrels daily in January and February, below December’s 3.85 million bpd. Meantime, COVID-19 cases continue to surge worldwide pointing to further lockdowns, in particular in Hong Kong, China and France. China, the world’s second-largest oil user reported 124 new infections on Monday, the most since March 2020.
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