Crude oil prices (November 25)

The Inglewood Oil Field on March 9, 2020 in Los Angeles. (Lionel Hahn/Abaca/Sipa USA via AP Images)

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SULAIMANI — Crude oil prices were up on Wednesday (November 25) compared with the previous day.

The price of Brent crude was at $48.21 up from $46.41 and US WTI crude was at $45.14 up from $43.43.

Both contracts are at their highest since early March and have rallied around 9% in the last four days.

“With an orderly Presidential transition in sight, vaccine boosters and expectations that OPEC+ will extend production cuts next week, oil markets completely ignored the unexpected 3.8 million-barrel climb in API US crude inventories,” Jeffrey Halley, senior market analyst at OANDA, told Reuters.

AstraZeneca said on Monday that its coronavirus vaccine was 70% effective in trials and could be up to 90% effective, providing another weapon in the fight to contain the pandemic after positive results from other major pharmaceutical developers.

In the United States, President Donald Trump’s administration gave President-elect Joe Biden access to resources enabling him to take over in January after an extended delay despite Trump’s loss in the Nov. 3 election.

The American Petroleum Institute (API), an industry association, said on Tuesday that US crude stocks rose by 3.8 million barrels in the week to Nov. 20 to around 490 million barrels.

Official US government crude inventory data will be released later on Wednesday.

(NRT Digital Media/Additional Reporting By Reuters)