Oil rises on COVID-19 vaccine hopes

23.11.2020 - Petr Mazaylo
Oil rises on COVID-19 vaccine hopes

Oil prices rose on Monday as investors were optimistic about improving crude demand amid successful coronavirus vaccine trial results. However, gains were capped by renewed lockdowns in many countries. 

Adding to the sentiment boost was OPEC and its allies’ decision to keep crude output in check.

Brent crude futures gained 0.4%, or 17 cents, at $45.13 per barrel. U.S. West Texas Intermediate crude rose 0.1%, or 4 cents, at $42.46 per barrel. Both contracts had risen 5% last week.

U.S. healthcare workers suggested that the country’s first COVID-19 vaccination could begin a day or two after the regulatory consent is approved next month. 

Meanwhile, OPEC+, which is set to meet on Nov. 30 and Dec. 1, is considering delaying their planned 2 million bpd increase in production. The group will maintain its 7.7 million bpd cut by at least three months from January.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.net or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?