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West Texas crude (WTI) The New York crude contract was closed overnight (November 9) after Pfizer Inc., the largest US pharmaceutical company, and the German pharmaceutical company BioNTech. Announcing Major Progress in COVID-19 Vaccine Trials The news gave investors hope that economic activity and oil demand will rebound strongly.
WTI crude contract for December delivery rose $ 3.15, or 8.5 percent, to $ 40.29 a barrel.
Brent crude contract (BRENT) for delivery in January. It was up $ 2.95, or 7.5 percent, to $ 42.40 a barrel.
WTI crude oil contracted its strongest day in five months, boosted after Pfizer and BioNTech announced it yesterday. The results indicate that the COVID-19 virus vaccine developed jointly by Pfizer and BioNTech, is more than 90% effective against COVID-19. For Those Who Have Never Been Infected Before The results of the vaccine development will be a great day for science and humanity Pfizer will introduce a vaccine against COVID-19. To the US Food and Drug Administration (FDA) next week. And 50 million doses of the vaccine are expected to be produced this year and 1.3 billion doses next.
News of progress in COVID-19 vaccine production Gives investors hope that oil demand will rebound. After the previous The coronavirus outbreak Has affected the world economy And dragged the demand for oil
Investors keep an eye on the OPEC Plus group. After Saudi Arabia expressed support for the adjustment of the OPEC Plus oil production policy. Joe Biden’s victory in the US presidential election is expected to reduce tensions between the US and Iran. This will allow Iran to increase its oil exports to the market. And it can cause the market to face an oil glut
OPEC Plus will hold a meeting from November 30 to December 1 to formulate oil production policy. Whereas before OPEC Plus plans to add 2 million barrels / day of oil production. As of January 2021
OPEC Plus decided to cut production by 7.7 million barrels per day until the end of 2020, before cutting production by just 5.8 million barrels per day from January 2021. This will lead to an increase of 2 million barrels / day of OPEC Plus crude oil flowing into the world oil market.
Investors keep an eye on US crude stocks weekly. The United States Energy Information Administration (EIA) is scheduled to release the information on Thursday at 11pm Thai time.
