Crude prices soar to pre-lockdown levels on vaccine hopes

Tuesday, 24. November 2020 16:59

Crude futures surged more than 3% with both Brent and West Texas Intermediate reaching the levels they stood at in early March before the prices of oil crashed amid the COVID-19 containment measures and the oil price war between Russia and Saudi Arabia.

The jump in prices came amid the optimism sparked among the traders by encouraging news on the coronavirus vaccine front, with four jabs now reporting effectiveness in preventing the virus, but also by hints of possible resolution of the post-election turmoil in the United States.

Brent for January delivery surged 3.50% to sell for $47.68 per barrel at 10:46 pm ET and West Texas Intermediate (WTI) for settlements in January jumped 4.18% to go for $44.85 per barrel at 10:47 pm ET.

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