Brent Oil Price Grows amid News about COVID-19 Vaccine and Signals from OPEC+
OREANDA-NEWS. The price of Brent oil for delivery in January 2021 on the London Intercontinental Exchange Futures by 5:15 UTC on November 17 was 44.21 US dollars per barrel, which is 0.39 dollars (0.89 %) higher than the price at the close of the previous session. As a result of trades on November 16, futures rose in price by 1.04 dollars (2.4 %), to 43.82 dollars per barrel.
WTI crude oil futures also rose in price. At the electronic trading of the New York Mercantile Exchange by this time, the value of contracts for delivery in December 2020 was 41.65 dollars per barrel, which is 0.31 dollars (0.75 %) higher than the level of previous trading. On November 16, these futures rose in price by 1.21 dollars (3 %), to 41.34 dollars per barrel.Specialists note that oil prices grow due to the news about successful trials of an American vaccine against coronavirus developed by the company Moderna. The effectiveness of the drug was estimated at 94.5 %. The trading was also influenced by the news from the meeting of OPEC+ experts, who propose to postpone the increase in oil production.