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Brent crude oil exceeded $49 for the first time since March

Thu Nov 26, 2020
watermark Economic news

The price of January Brent oil futures rose above $ 49 per barrel for the first time since March 6, when prices began to collapse. The current quote for the asset is $47.90.

Prices were supported by yesterday's data from the US Department of Energy, according to which commercial oil reserves in the country fell by 0.8 million barrels, contrary to expectations of an increase of 0.1 million.

An additional positive comes from the news about the development of vaccines against coronavirus. The effectiveness of several drugs from COVID-19 is assessed as high, which gives investors hopes for a faster recovery of the global economy.

We recall that in March, oil quotations fell sharply after the OPEC+ countries were unable to agree on changing the parameters of the agreement on the reduction of black gold production or its extension.

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