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Photo: oil production (OilNow)
Moderna’s new vaccine is 94.5% effective
Oil prices on Monday, November 16, rose more than 4%. Oil rises after Moderna said its experimental vaccine was 94.5% effective in preventing COVID-19.
Reported by Reuters.
Brent crude oil futures for January rose 4.2% to $ 44.57 a barrel at 2:20 pm GMT, while WTI crude for December delivery rose 1.84 4.6% to 41.97 Dollars
As Rystad Energy analyst Louise Dixon noted, the second COVID-19 vaccine shows that a large-scale vaccination program with enough for the world’s population is now somewhat closer.
Moderna’s announcement comes after Pfizer said its vaccine is more than 90% effective last week, raising hopes that the damage to the global economy caused by the pandemic can be reduced.
Last week, WTI and Brent crude prices rose more than 8% on hopes of a vaccine and expectations that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, will keep production lower the next year to support prices.
As RBC-Ukraine reported, global stock indices soared to record levels after Pfizer announced on November 9 that its experimental vaccine is more than 90% effective in preventing COVID-19.
Recall that the International Energy Agency (IEA) has lowered its forecast for oil demand for 2020. According to the forecast, it is unlikely that vaccines will significantly increase demand until next year.
