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High oil prices, supported by hopes for a Corona vaccine

High oil prices, supported by hopes for a Corona vaccine

On Friday, oil prices rose by about 1 percent, registering the third consecutive weekly gain, supported by successful trials of a vaccine for Covid-19, according to "Reuters".

Brent crude futures rose 75 cents, equivalent to 1.7 percent, to settle at $ 44.96 a barrel.


And US West Texas Intermediate crude futures for January delivery, which are more active, gained 52 cents, or 1.2 percent, to record $ 42.42 a barrel.


West Texas Intermediate December contracts, which expired today, rose 41 cents, or 1 percent, to settle at $ 42.15 a barrel. Both contracts won 5% this week.


It is noteworthy that the possibilities of the effectiveness of the Covid-19 vaccine supported the oil market this week, as the American company Pfizer announced that it will submit a request to the relevant health authorities in the United States today to approve the emergency use of its vaccine, which is the first such request in a major step towards providing protection from the virus. The new Corona.

 source

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