In addition, the optimism about the possibility that the US Government and Congress will reach an agreement on a new economic stimulus package related to the COVID-19 crisis also contributes to the increase in oil prices.

At the end of this session, the price of light sweet oil (WTI) for delivery increased 20 cents US to 47.82 USD / barrel. Meanwhile, the price of Brent North Sea futures also advanced 32 US cents, to 51.08 USD / barrel.

The Energy Information Administration (EIA) of the US Department of Energy announced on December 16 that US crude oil reserves in the week ended December 11 fell 3.1 million barrels, high. more than the 1.9 million-barrel draw forecast by analysts participating in a Reuters survey.

Leaders of Congress say they and the White House have made significant progress after months of negotiations on a new stimulus package related to the COVID-19 pandemic and a bailout bill to prevent government shutdowns.

US oil demand has fallen about 13% year-to-date due to the COVID-19 pandemic and November 2020 retail sales figures show that consumer spending also fell for the second month in a row. followed by an increase in the number of new cases of COVID-19.

Global oil demand has also weakened, most notably China. The International Energy Agency (IEA) on December 15 warned that it would take some time to reverse the decline in global oil demand during the pandemic. The IEA has revised down its oil demand forecast for this year to 50,000 barrels / day and next year to 170,000 barrels / day, citing the amount of fuel used by planes when few people travel by air.

More and more countries in Europe and US states are tightening blockade orders to prevent the spread of COVID-19 outbreaks during the Christmas and New Year seasons, which could put pressure on oil demand. London has stepped up blockades when it requires bars and restaurants to close, Italy is considering implementing stricter requirements over Christmas and Germany is likely to be frozen until early 2021.