The price of “Brent” type oil exceeded $ 47 per barrel. This price is the highest since March, when OPEC decided to limit fuel production. The price of WTI oil exceeded $ 45.
Recall, due to the pandemic, demand for oil fell, which led to a sharp drop in the price of so-called black gold. That’s why it has the highest price since spring over $ 47 a barrel.
As experts say, the reason for this may be the recent positive news about the coronavirus vaccine. In the last two weeks, several companies working on the vaccine have said that their vaccine is effective. In particular, Moderna reported a 94.5% efficacy of the vaccine, Pfizer and BioNTech reported a 95% efficacy, while AstraZeneca and the University of Oxford reported a 70% efficacy. Positive feedback on the vaccine indicates that the world is slowly returning to its old life, economies will start to recover, transport, transportation, travel will recover, which in itself will increase the demand for fuel.
Analysts point to rising consumption in Asia as the second reason for the rise in oil prices. As Bloomberg writes, the economies of Asian countries are recovering faster than others. At the same time, the process of resumption of flights is observed in China, thus increasing the demand for aircraft fuel.