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Reuters
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Oil prices continued to rise today, Friday, with optimism that the impending introduction of COVID-19 vaccines will lead to strong economic growth next year.
At 8:20 a.m. Moscow time, Brent futures were trading at $ 50.34 per barrel, up 0.19% from the previous settlement price. Brent contracts ended yesterday’s trading up $ 1.39 a barrel, or 2.8% to $ 50.25 a barrel.
US West Texas Intermediate crude futures were trading at $ 46.9 per barrel, up 0.26% from the previous closing price. And US crude contracts closed at $ 46.78 per barrel, up $ 1.26 per barrel.
The prices of “Brent” and US crude traded yesterday, Thursday, at the highest level since last March.
“Oil prices continued to rise on Thursday, despite the massive 15.2 million barrels growth in US inventories last week,” said Phil Flynn, chief analyst at Price Futures Group.
“The oil market is looking beyond these data. The main supporting factor is the development of vaccines, the introduction of which could lead to increased demand, and therefore stocks will return to normal levels next year. “, he added.
Source: Interfax
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