Oil reached its highest level since March, rising to over $ 48 a barrel after a third promising coronavirus vaccine sparked hopes for a recovery in demand and newly elected US President Joe Biden agreed to begin his move to the White House.
AstraZeneca said on Monday that its COVID-19 vaccine was 70% effective in the experiments and could reach up to 90% effectiveness, making it the third vaccine to fight a pandemic. AstraZeneca therefore joins the positive results of Pfizer / BioNTech and Moderna.
The price was also supported by the announcement of a reduction in US oil stocks, which was issued last week.
Brent crude rose $ 2.17 (+4.7%) to $ 48.68 per barrel, reaching a seasonal high of its highest level since March 6. WTI crude rose $ 2.17 (+ 5.4%) to $ 45.9.
“The fight against coronavirus is intensifying and is proving to be increasingly successful,” said Tamas Varga of PVM. “Estimates of oil demand next year are likely to be revised upwards.”
This is the highest value of Brent crude oil since the collapse of the previous OPEC-led production pact. Demand also began to weaken in March due to a growing pandemic, causing prices to fall sharply.
Following the collapse of the previous pact on production, which led to a brief Saudi-Russian price war, OPEC and the Allies agreed to see high production cuts to support prices.
In the period 30.11. – 1.12. An OPEC + meeting is taking place, at which the current cuts are expected to be carried over to the following year.