GLOBAL CRUDE OIL PRICES CONTINUE TO INCREASE AFTER UNITED STATES OF AMERICA START A MASSIVE VACCINATION PROGRAM

15th Dec. - Global crude oil prices are reported to continue to rise day by day since the sharp fall in early 2020. Yesterday, the US Crude Oil price traded at around $ 47.00 per barrel compared to $ 46.00 last week.

The increase comes at a time when the world is preparing to receive the Covid-19 vaccine which is reported to be made by several countries in the near future. News of the vaccine reassures the market that economic activity will fully recover in the near future, thus increasing demand for crude oil.

Yesterday, the Organization of the Petroleum Exporting Countries (OPEC) through an official statement lowered expectations of demand for crude oil resources for 2021 due to the uncertainty of the Covid-19 pandemic crisis on overall economic activity. However, these expectations did not weaken the price of crude oil as market optimism outperformed the expectations made by OPEC.

In the United States, a massive vaccination program began yesterday. The death toll has reached more than 300,000 lives there due to Covid-19 infection. The United States adopts a vaccine produced by Pfizer-BionNTech. Apart from the United States, Kanaca also approved the use of the Covid-19 Pfizer-BioNTech vaccine.