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SINGAPORE – Oil prices maintained their gains on Tuesday as the announcement of a promising third vaccine candidate raised hopes of a rapid recovery in oil demand, while US President-elect Joe Biden received the green light to start his presidential transition.
Brent futures rose 3 cents, or 0.1%, to $ 46.09 a barrel at 0113 GMT, while U.S. West Texas Intermediate crude added 11 cents, or 0.3%, to $ 43.17 per barrel. Both benchmarks stabilized at around 2% on Monday after gaining around 5% last week.
“Oil prices consolidate near three-month highs after a third successful coronavirus vaccine trial, better than expected flash PMI readings across Europe and the United States,” said Edward Moya, Senior Market Analyst at OANDA.
OPEC WARNS NEW WAVE OF CORONAVIRUS WILL MEET DEMAND FOR OIL
AstraZeneca said on Monday its COVID-19 vaccine was 70% effective in pivotal trials and could be up to 90% effective, giving the global fight against the global pandemic a third new weapon that may be cheaper to manufacture, easier to distribute and faster to scale than its competitors.
This follows positive test results from Pfizer / BioNTech and Moderna.
Oil prices held their gains on Tuesday as the announcement of a promising third vaccine candidate raised hopes of a rapid recovery in oil demand, while US President-elect Joe Biden received the green light to begin his presidential transition. Photographer: Jason Alde
Uncertainties surrounding post-election disputes in the United States also began to dissipate after President Donald Trump on Monday authorized officials to transition to President-elect Joe Biden, giving his rival access to briefings and funding even though he vowed to persist in his efforts to fight the elections. results.
US crude oil inventories likely edged down last week, while distillate inventories fell for the 10th straight week, a preliminary Reuters poll showed Monday.
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The poll was conducted ahead of reports from the American Petroleum Institute on Tuesday and the Energy Information Administration (EIA) on Wednesday.
Traders also focused on a week of technical meetings with OPEC and its allies to set the stage for next week’s ministerial meeting, which is expected to discuss extending limits on year-round oil production. next due to low demand amid a second wave of COVID-19.
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