Oil prices rise due to optimism over Modern vaccine

Brent oil rose 3.37% and touched the price of 45 dollars on the European market.

By:
EFE / Agencies

02:15 PM / 16/11/2020

The price of a barrel of Brent oil for January delivery rose 3.37% on the London futures market on Monday, November 16, and was trading at $ 44.19, driven by optimism generated by the announcement that Modern American coronavirus vaccine is 94.5% effective.

North Sea crude, a benchmark in Europe, was listed on the International Exchange Futures of the British capital at $ 1.44 above the close of the last trade.

Simultaneously, the West Texas Intermediate (WTI), a benchmark in the US, advanced 3% and exceeded 41 dollars per barrel.

The price of European crude had already rebounded last week after it was learned that Pfizer’s vaccine could be 90% effective.

Medical advances against covid-19 trigger expectations among investors that oil demand will rebound in the coming months.

Mobility restrictions imposed by many countries to try to curb the spread of the virus have hit global oil consumption and have weighed down Brent prices since the start of the pandemic.

Rising bags

The major European stock exchanges also started the week with notable increases, although the increases have not been as intense as those that occurred a week ago with the announcement of Pfizer and BioNTech.

At the close, Madrid gained 2.6%; Milan, 1.98%; Paris, 1.70%; London, 1.66%; and Frankfurt, 0.47%.

Previously, in Asia, Tokyo had closed with a rise of 2.05%; Hong Kong, 0.86%; and Seoul, 1.97%.

On Wall Street, the Dow Jones opened higher, with an advance of more than 1%, a trend that it maintains now.

The price of gold, one of the safe haven assets in times of uncertainty, rose and was approaching $ 1,895 per ounce.

The president of the European Central Bank (ECB), Christine Lagarde, pointed out that progress in the development of vaccines shows that “the other side of that great tunnel of uncertainty and difficulties is already seen.”

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