The rise in oil prices continues, despite the fact that the incidence of coronavirus is still on the rise, both in Europe and the United States.
Global benchmark oil prices continue to rise on news of the victory of Democratic candidate Joe Biden in the US presidential election and information on the success of COVID-19 vaccine trials by the American company Pfizer Inc. and the German BioNTech. This is evidenced by the trading data on Wednesday, November 11.
Thus, January futures for Brent on the London ICE Futures exchange rose in price by $1.09 (2.50%) вЂ” to $44.70 per barrel. As a result of trading on Tuesday, these contracts rose in price by $1.21 (2.9%).
The cost of a WTI futures contract for December at the electronic session on the New York Mercantile Exchange (NYMEX) increased by $1.05 (2.54%) вЂ” to $42.41 per barrel.
The spread between the current contracts for Brent and WTI is $2.29 in favor of Brent.
The rise in oil prices continues, despite the fact that the incidence of coronavirus is still on the rise, both in Europe and the United States and new restrictive measures are being introduced.
вЂњThe dizzying rise in risk interest in the last couple of days is associated with hopes for the future, but not with the current reality in which the situation with coronavirus is worsening on both sides of the Atlantic,вЂќ вЂ” quoted Bloomberg by the founder of Vanda Insights in Singapore, Vandana Hari.
It became known yesterday that WHO has high hopes for the COVID vaccine from Pfizer. The head of the WHO, Tedros Adan Ghebreyesus, called it вЂњvery promising.вЂќ
Pfizer previously said its COVID vaccine was over 90% effective.