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Brent crude rising on vaccine news, signals from OPEC+

10:15, 17 November 2020
Brent crude rising on vaccine news, signals from OPEC+ Photo: Sergey Lantyukhov/NEWS.ru

The price of January futures for Brent crude on the London ICE Futures exchange by 8:15 Moscow time on November 17 was $44.21 per barrel, which is $0.39 (0.89 percent) higher than the price at the closing of the previous session, Bloomberg reports. 


As a result of trading on November 16, the futures rose in price by $1.04 (2.4 percent) - to $43.82 per barrel.

WTI crude oil futures also rose in price. At the trading of the New York Mercantile Exchange (NYMEX) by this time, the price for December futures was $41.65 per barrel, which is $0.31 (0.75 percent) higher than during the previous trading. These futures on November 16 rose in price by $1.21 (3 percent) - to $41.34 per barrel.

Experts note that oil is rising in price after news of the successful trials of the US coronavirus vaccine developed by Moderna. The effectiveness of the vaccine was previously estimated at 94.5 percent. The trading was also affected by the news from the meeting of OPEC+ experts, proposing to postpone the increase in oil output.

On November 16, experts from the OPEC+ technical committee recommended that the ministerial committee decide to maintain the current levels of restrictions. The OPEC+ Monitoring Committee's ministers will consider a 3-6-month postponement of the planned increase in production from 2021 on November 17.

The agreement of the cartel for a postponement will, in some way, compensate for the increase in supply from Libya. This African country has already increased production to more than 1 million barrels per day.

NEWS.ru earlier reported that the prices for January futures of Brent crude oil during trading on the ICE exchange in London on November 9 grew by 3.04 percent - to $40.65 per barrel.