Crude rises as vaccine hopes trump demand worries

Wednesday, 25. November 2020 12:40

Crude futures traded 1% higher on Wednesday, continuing the rally from the day before, which saw both Brent and West Texas Intermediate climbing to the levels they stood at before the first round of COVID-19 containment measures were introduced in March.

Traders shrugged off some of the fears prompted by the pandemic's second wave, and the possible impact of implemented restrictions, focusing on the developments on the vaccine front. Moreover, International Energy Agency (IEA) Executive Director Fatih Birol asserted that the oil demand in 2020 is expected to be higher than the year prior, regardless of the outbreak.

Brent for January delivery rose 1.21% to sell for $48.44 per barrel at 6:28 am ET and West Texas Intermediate (WTI) for settlements in January gained 0.98% to go for $45.35 per barrel at 6:26 am ET.

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