Hopes for a new stimulus package and Trump’s health, support oil prices

Oil climbed the most since May in New York, rallying in tandem with equity markets on optimism over the potential for more U.S. fiscal relief that could provide a sorely needed boost to energy demand. WTI advanced 5.9%. Saudi Arabia’s Finance Ministry is budgeting for oil prices to be around $50/bbl for the next three years, according to a Goldman Sachs analysis of the kingdom’s fiscal plans. Goldman is itself more bullish, forecasting that Brent will climb to $65 by the end of 2021. Good news for President’s Trump health and hope for a new stimulus package, provide significant support for oil prices.

Comments are closed.