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Crude oil prices (November 24)

Dust blows around a crude oil pump jack and flare burning excess gas at a drill pad in the Permian Basin in Loving County, Texas, U.S. November 25, 2019.REUTERS/Angus Mordant
2020-11-24

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SULAIMANI — Crude oil prices were up on Tuesday (November 24) compared with the previous day.

The price of Brent crude was at $46.41 up from $45.22 and US WTI crude was at $43.43 up from $42.54.

Brent crude prices hit their highest levels since March as news of a third promising coronavirus vaccine candidate spurred hopes of a quicker recovery in oil demand.

“Progress on developing and distributing a vaccine de-risks the path back to normal for oil markets,” Reuters quoted Stephen Innes, chief global markets strategist at financial services firm Axi.

“If mobility data is a measure of oil price sentiment, in the not too distant future, the vaccine will get people back on airplanes and cruise ships.”

AstraZeneca said on Monday its COVID-19 vaccine was 70% effective in pivotal trials and could be up to 90% effective, giving the world’s fight against the global pandemic a third new weapon that can be cheaper to make, easier to distribute and faster to scale-up than rivals.

This follows positive trial results from Pfizer/BioNTech and Moderna.

US crude oil inventories likely edged lower last week, while distillate stockpiles were seen decreasing for a 10th straight week, a preliminary Reuters poll showed on Monday, ahead of reports from the American Petroleum Institute and the Energy Information Administration (EIA).

Traders also focused on a week of technical meetings by OPEC and its allies to prepare the ground for next week’s ministerial gathering, which is set to discuss extending oil output curbs into next year due to weak demand amid a second wave of COVID-19.

(NRT Digital Media/Additional Reporting By Reuters)