Drop in crude inventories led to the increase in US oil on Thursday. This also resulted in a series of positive sentiments concerned with coronavirus vaccine and fuel demand. WTI increased by 0.3% and was traded at $45.85 a barrel. Brent crude futures were up by 0.4% and were traded at $48.81 a barrel.

"The recent breakthrough on a Covid-19 vaccine is a hope for the swift recovery of global energy demand next year. HSBC Bank analyst Gordon Gray recently stated-"The recent news around Covid-19 vaccines has boosted crude prices as markets start to look to a return to some sort of normality in 2021, also we expect OPEC+ to err on the side of caution as it evaluates how the market evolves.”

Saudi Arabia’s energy infrastructure-Saudi Aramco was attacked by a missile on a fuel depot in the Red Sea city of Jeddah. The authorities assured for no human casualties as well no oil products were lost. Houthi rebels in neighboring Yemen claimed responsibility for the attack. The strike was condemned by Saudi Arabia, stating-"terrorist and sabotage acts committed against vital installations target the security and stability of energy supplies to the world."

Successful coronavirus vaccine trials have helped the market extend the gains on Monday. Traders are looking for a substantial recovery in the demand of the crude. However, the gains were capped by the renewed lockdown in several countries. Brent increased by 0.5% and was traded at $45.17 a barrel. WTI gained 0.2% and was traded at $42.52 a barrel.

Total SE is planning to increase energy investment in Libya. Libya’s state-run National Oil Corp. and Total had a virtual meeting and have decided to increase Libyan production capacity and output to the highest levels. Total and Libya's ties go back to decades. Former also holds shares in some key oil fields in Libya, including the nation’s biggest - The El Sharara and the offshore Al Jurf deposit.

NOV’s electric fracturing system- Ideal eFrac fleet, will be field-tested collaboratively by NexTier Oilfield Solutions and National Oilwell Varco under their newly signed contract. The Ideal eFrac fleet is meant to reduce complexity and increase efficiency at the well sites. Within the agreement, both the companies will collaborate to test the operational capability and different operating conditions of the prototype.

Saudi Arabia, the world's largest oil producer is now eyeing to become a leader in hydrogen export. In order to secure its role as an energy supplier even to countries who are cutting down their carbon generating fuels, the former is going to produce more blue hydrogen and also plans to generate green hydrogen (hydrogen from solar power) both of which are pivotal for curbing climate change.

Oil companies in Nigeria have tightened their security amidst several protests in the region. The oil companies' decision to slack off more employees might have aggravated problems of pipeline tapping, illegal oil refining, and pirate attacks in the region. Polices' brutality also triggered the riots and looting in the last month. The rising unemployment rate and recent layoffs are expected to continue this tension for a longer period.

With the surge in coronavirus cases, on Thursday, oil futures shed gains from the previous day. There has been a wave of demand concerns weighing down upbeat vaccine news. Brent decreased by 0.4% and was traded at $44.17 a barrel. WTI went down by 0.7% and was traded at $41.53 a barrel. The economic damage due to COVID-19 overshadowed the vaccine news from Pfizer and BioNTech.

OPEC+ might decide to postpone a 2 million barrel-a-day production increase which was scheduled for January. The final decision for the same won't be made until the complete wrap-up of the OPEC+ meeting, scheduled from Nov 30 to Dec 1. While addressing the conference Prince Abdulaziz said - "Vaccine development was good news but was counterbalanced by a surge in cases in the second wave of infections and there is still a long way to go".

US crude stocks rose above the market expectations on Wednesday. As a result, oil prices were stable. Further, weaker US retail sales have brought back demand fears. Brent increased by 0.1% and was traded at $43.78 a barrel. WTI went up by 0.1% and was traded at $41.40 a barrel. Hopes of production cut from OPEC and its allies have held the market for now.

The OTC organizers have announced that the Offshore Technology Conference 2021 will be postponed from its traditional time run, as Covid-19 is still creating challenges for mass meets. The new virtual submits will shift for the second half of the year 2021. The plan for the same will soon be shared with all the participants to ensure that everyone is able to meet and exchange their ideas despite these unprecedented circumstances.

Equinor expects the global oil demand to peak 2 years prior to what it has stated earlier i.e 2030 as a repercussion of the COVID-19 pandemic. Equinor is forecasting that by around 2025 the oil demand will be returning to the pre-pandemic level of 100 million bpd and will fall to 88 million bpd in 2050 as far as the current scenarios are concerned.

Coronavirus vaccine hopes and OPEC+ meeting drive oil prices uphill on Tuesday. The industry is hoping that OPEC+ will extend the oil production cuts for at least three months. Brent went up by 0.4%, to $43.98 a barrel. WTI increased by 0.3% and was traded at $41.47 a barrel. Further, Bernstein Energy said, “Oil demand in China is exceeding pre-COVID-19 levels which suggest oil demand is not permanently impaired”.

A successful trial of a subsea power component has been announced by ABB and OneSubsea. The variable speed drive (VSD), component is particularly useful at slowing motors, fans, and other such devices to ensure that energy is not wasted and eventually delivers improved efficiency of the overall system. It has been an integral part of the ABB's long-running project to deliver an effective subsea power system, especially for the offshore industry.

Reports showing more than expected decline in US crude inventories supported bolstered market sentiments. As a result, oil prices increased by 1% on Wednesday. Brent increased by 1.1% and was traded at $44.09 a barrel. WTI went up by 1.2% and was traded at $41.84 a barrel. Further, Pfizer's vaccine announcement has also brought back hope in the industry.

China to get its largest hydrogen plant by the year 2022. The plant will be set by Air Products and Chemicals, Inc. world's largest hydrogen producer. The estimated capacity for the plant will be 30 tonnes of liquid hydrogen per day. The total investment for the plant is of $1 billion including other setups in the pipeline. It is an initiative by the Chinese government to steer the country towards “carbon neutrality” by 2060.

US oil prices experienced a substantial loss on Tuesday. The concerns over the drop in the demand have again started to haunt the market. WTI went down by 2% and was traded at $39.48 a barrel. “A viable vaccine is unequivocally game-changing for oil - a market where half of the demand comes from moving people and things around”, said JP Morgan.