Economy

Brent oil prices exceed $49 for first time since March

08:37, 26 November 2020 25
Photo: Sergey Lantyukhov/NEWS.ru

On the evening of November 25, oil prices increased 2-2.5 percent, and the price of January futures for Brent crude rose above $49 for the first time since March 6, when the prices began to collapse, according to the bidding data.


By 21:43 Moscow time, the price of February futures for this North Sea oil blend grew by 2.05 percent to $48.76 per barrel. January futures for Brent went up 2.44 percent to $49.03 a barrel. January futures for WTI crude oil rose by 2.56 percent to $46.06 per barrel.

Oil is growing after the release of strong statistics on US stocks and news about the effectiveness of a vaccine created jointly with the US. Commercial oil reserves in the US, excluding the strategic ones, for the week ended November 20, fell by 0.8 million barrels, although an increase of 0.1 million was expected.

At the same time, investors' hopes for a quick economic recovery after the second wave of the pandemic are also fueled by statements about the effectiveness of several vaccines from COVID, RIA Novosti reports.

Oil prices collapsed after the OPEC+ countries failed to agree on March 6 to change the agreement's parameters to reduce oil production or extend it. From April 1, OPEC introduced restrictions on oil production.

NEWS.ru reported earlier that oil and gas exports from Russia to Europe might decline by 2040.