Oil Prices Continue Their Gains Thanks to Hopes of Corona Vaccine

Oil prices rose 1% on Monday, November 23, to continue their gains, as traders expect a recovery in crude demand due to successful trials of a vaccine for the Coronavirus.

Sentiment boosted hopes that OPEC, Russia and other producers, a group known as OPEC +, would continue to curb production.

Brent crude futures rose 63 cents, equivalent to 1.4%, to $ 45.59 a barrel by 07:33 GMT, while US West Texas Intermediate crude rose 49 cents, or 1.2%, to $ 42.91 a barrel. The two crude jumped 5% last week.

The British drug company Astrazeneca said that its emerging coronavirus vaccine, which it developed in cooperation with the University of Oxford, may be 90% effective, depending on a single dose system.

OPEC + meets on November 30 and December 1 to discuss options for easing output by two million barrels per day from 7.7 million barrels per day from January for a period of at least three months.