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Oil Ends at Highest Level in Nine Months

M. Ali 15 December, 2020 2:00 am Commodities, Market Update

Oil prices surged on Monday, opening the week with a strong performance as they rose to their highest closing level since March.

Positive news about Coronavirus vaccines helped crude prices stage a strong come back.

This comes despite some concerns about the demand outlook, after the Organization of the Petroleum Exporting Countries (OPEC) reduced its expectations for demand growth next year by 350,000 barrels per day to 5.9 million barrels a day.

Brent crude futures for February delivery rose by 32 cents, or 0.6%, to close at $50.29 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for January delivery finished higher by 42 cents, or 0.9%, at $46.99 per barrel.

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