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The U.S. didn’t import any Saudi crude the week of Dec. 28 for the first time in 35 years, a reversal from just months ago when the Kingdom threatened to upend the American energy industry by unleashing a tsunami of exports into a market decimated by the pandemic.

Oil advanced with support from a weaker dollar and expectations of declining U.S. crude inventories.

A brief rally in crude oil deflated Dec. 28 as investors ignored a broader market surge that pushed equities to an all-time high and focused instead on looming new supply from OPEC+.

Oil extended gains, trading at its highest level since March, on mounting optimism that recent breakthroughs on a COVID-19 vaccine will lead to a swift recovery in global energy demand next year.

Oil reclaimed heights not seen since the pandemic shocked markets in the spring, with the start of the U.S. presidential transition and improved vaccine prospects infusing optimism across markets.

Oil is poised for a third weekly gain with positive COVID-19 vaccine developments paving the way for a more sustained recovery in oil demand.

Crude held onto a rally amid progress on the development of coronavirus vaccines, with investors shrugging off a smaller-than-expected U.S. inventory build.

China’s biggest refiner is eyeing a creative strategy to help rid Asia of a persistent diesel glut — brand new supertankers usually reserved for crude oil.

U.S. stocks rose as a gust of optimism swept through global equity markets as millions of Americans headed to vote. The dollar weakened and crude oil increased by the most in a month.

OPEC+ inched closer to delaying its January output increase, with Russia actively discussing keeping its current curbs for an extra three months as oil markets weaken.