Oil continues its recovery, buoyed by hopes of economic recovery following final approval by the Food and Drug Administration (FDA) of the vaccine developed by Pfizer and BioNTech, so far used thanks to an emergency approval. The definitive go-ahead paves the way for the diffusion of compulsory vaccination for employees of public bodies, agencies and educational institutions, thus giving a significant acceleration to the vaccination campaign. And so, Wti and Brent both advanced by 1.7%.
Meanwhile, the wait is growing for the next OPEC + meeting at the beginning of September. “It is likely that in the next few days there will be a growing noise around Opec +, with the group meeting for the monthly meeting on September 1st – the ING experts recall -. (…) We believe that Opec + it will continue with its plan, although a lot will depend on market developments between now and September 1st “. The Dutch bank mainly refers to the Jackson Hole symposium, where the market will be eager to hear any signs of when the Fed will begin to cut its asset purchase program.