Significant increase in oil prices thanks to the success of Corona vaccine trials

politics

21-07-2020, 11:39

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follow-up - INA

Oil prices rose on Tuesday, thanks to positive news about experiments on a vaccine for the Coronavirus, but they remained within a narrow trading range recorded in the past three weeks, amid fears that new public isolation measures could derail demand recovery.

Crude futures rose to $ 43.49 a barrel by, while West Texas Intermediate U.S. crude gained 11 cents to $ 40.62.

Crude closing prices have moved in the range of two dollars since the beginning of this month, and prices have received support from encouraging developments on a vaccine, with drug manufacturers and medical institutions rushing to find a way to address the worst health crisis facing the world in a century.

Analysts have warned of the fragile nature of the oil market, raising concerns that strong demand from China may dry up in the coming months.