Oil jumps 4%, supported by hopes of the “Covid-19” vaccine and the decline in US stocks

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Oil prices jumped 4% today, Wednesday, as hopes for an effective vaccine for “Covid-19” continued to boost sentiment, while a US report revealed that crude stocks fell more than expected.
During trading, Brent crude futures rose $ 1.01, or 2.3%, to $ 44.62 a barrel. West Texas Intermediate crude futures rose 99 cents, or 2.4%, to $ 42.35 a barrel. Both crude oil prices rose 3% on Tuesday.
Yesterday, Tuesday, the American Petroleum Institute data revealed that US crude inventories fell by 5.1 million barrels last week to about 482 million barrels, compared with analysts’ expectations in a Reuters poll of 913 thousand barrels.
Brent and US crude prices have risen by more than 13% this week, since initial trial data revealed that the experimental vaccine for “Covid-19”, which is being developed by the American company Pfizer and its German partner, Biontech, is more than 90% effective.
However, despite the support that oil prices received due to the positive news related to the vaccine, the outlook for fuel demand remains vague in light of the re-imposition of general isolation measures in Europe and the United States.
The re-imposition of general isolation measures in Europe and the United States slowed down the spread of the Corona virus, and the pace of recovery of fuel demand, which overshadowed the recovery of Asian economies, whose consumption has returned to close to its levels before the pandemic. (Reuters)




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