Since March, oil quotations have renewed their maximums based on trading on Wednesday and continue to rise on Thursday, Interfax reports.
The optimism of traders about the prospects for oil demand is supported by data on the successful development of several vaccines for COVID-19 at once. Besides, Chinese and Indian refiners are actively buying crude for January delivery, indicating strong demand in Asia.
January futures for Brent rose in price on the London ICE Futures exchange by $0.28 (0.58%) to $48.89 per barrel. Brent rose by $0.75 (1.6%) to $48.61 per barrel in the previous session, the maximum since March 5.
By this time, January futures for WTI were rising in price in electronic trading on the New York Mercantile Exchange NYMEX by $0.21 (0.46%) to $45.92 per barrel. On Wednesday, the contract rose by $0.8 (1.8%) to $45.71 per barrel, which is also the highest since March 5.
There will be no major trading on the NYMEX on Thursday as Thanksgiving is celebrated in the US.
“The market has grown really well in recent days. We had not seen such a significant rise since spring when the price of oil began to rise after falling to negative values,” said Peter McNally, an analyst at Third Bridge. “Obviously, the market sentiment has seriously changed. The rally may stop at any time, but there is a feeling that the balance of supply and demand is moving in the right direction.”
To recap, the UAE plans to produce up to 5 million barrels of oil per day by 2030.
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