Oil Prices Hit The Highest Level Since September

Oil Prices Hit The Highest Level Since September Oil prices hit their highest level since September. The positive news about the Covid-19 vaccine had a positive effect on the prices. The signals that the coronavirus (Covid-19) vaccine will be launched in the USA within 3 weeks have also reflected positively on oil prices. Oil has seen its highest levels in the Asian market since September. Futures contracts were trading at $ 42 a barrel after completing their third consecutive week with gains in the New York market. US vaccine authority Moncef Slaoui reported that vaccination will most likely begin on December 11-12. On the other hand, crude oil increased nearly 20 percent in November. However, markets are said to be complacent with vaccine news, forgetting quarantines and increasing cases.   Vandana Hari, founder of Vanda Insights, states the following on the subject:

“We can see that there is continuous development on the vaccine front, but the exit from the epidemic will be a complete struggle due to the increasing coronavirus cases in Europe and the USA. Vaccines will not be able to stop the new waves of the epidemic.”

West Texas-type crude oil (WTI) for January futures dropped 0.1 percent at 10:21 am Singapore time in the Nymex market, after a 1.2 percent increase on Friday, traded at $ 42.39 a barrel. Brent oil for January term was traded at $ 45.02 on the London ICE Futures Europe market, up 0.1 percent after closing Friday with 1.7 percent.