WTI crude oil reached its highest levels since January of 2020 in Monday trading, but pulled back to close the day lower. News of COVID-19 vaccine rollouts and the $1.9 trillion US stimulus package boosted crude oil over the past week, as optimism over economic recovery crept into the market. In addition, crude oil has been underpinned by tightening supply amid OPEC+ production cuts and expectations of declining US crude oil production in 2021. The unusually cold weather in Texas and Oklahoma currently could also impact US production. Russian Deputy Prime Minister Alexander Novak stated that the global oil market is ... (full story)