Oil price increases as news of covid-19 vaccine emerge

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The price of oil changed a little on Tuesday, trapped in the narrow trading windows of the past 3 weeks as investors hoped for a recovery in the demand for oil against the fears of new lockdowns that arose due to the growing number of coronavirus cases.

Prices went up a little and it was aided by the positive news on the development of vaccines as medical institutions and drug makers rush to find a solution that would help counter the world’s worst health crisis in a 100 years.

Brent futures went up by 15 cents, or 0.4 per cent at $43.43 by 01:17 GMT while West Texas Intermediate (WTI) went up by 2 cents to $40.83.

The closing prices of both WTI and Brent have traded within a $2 channel this month.

In China for instance, some cinemas re-opened on Monday after they had been closed for the past 6 months, giving hope to an eminent recovery from the pandemic that has been holding in the world’s second-largest economy, where the outbreak first started.

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