Crude oil prices (November 26)

FILE PHOTO - A drilling rig owned by Parsley Energy Inc. seen near Midland, Texas, U.S. on May 3, 2017. REUTERS/Ernest Scheyder/File Photo

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SULAIMANI — Crude oil prices were up on Thursday (November 26) compared with the previous day.

The price of Brent crude was at $48.95 up from $48.21 and US WTI crude was at $45.98 up from $45.14.

Both benchmarks have risen about 9% this week, getting a boost after AstraZeneca said on Monday its COVID-19 vaccine could be up to 90% effective, adding to the potential armoury to end the worst pandemic in a century.

Encouraging vaccine results are “pushing aside concerns of enduring containment measures and prompting some follow-through buying from the speculative community,” Citigroup Global Markets said in a note.

Still, it warned that “a pullback cannot be ruled out amid less robust demand in the near term.”

US oil stockpiles fell 754,000 barrels last week, data showed, while analysts in a Reuters poll had predicted a 127,000-barrel rise. Stockpiles at the Cushing, Oklahoma, delivery point for WTI, fell by 1.7 million barrels.

But gasoline demand for the week fell by 128,000 barrels per day (bpd) to 8.13 million bpd, the lowest since June.

(NRT Digital Media/Additional Reporting By Reuters)