Oil prices inch higher on encouraging news of Covid-19 vaccine
24 Novembre, 2020, 08:44 | Auteur: Auguste Feret
On Friday, both U.S. and Brent crude oil futures scheduled to be expired on December 21 reported a robust rise of 1 per cent to wrap up the third straight week of gains, mostly buoyed up over hopes of a couple of successful pandemic vaccine trials which in effect had been helping investors downplay the fiscal consequences of a second wave of pandemic outbreak alongside frets of a deluge of demand crunch across the globe.
Brent crude futures rose 34 cents, or 0.7%, to $46.40 a barrel by 0323 GMT, while U.S. West Texas Intermediate crude added 38 cents, or 0.9%, to $43.43 a barrel.
Both the Brent and the WTI benchmarks gained 5% last week.
Traders also focused on a week of technical meetings by OPEC (Organization of the Petroleum Exporting Countries) and its allies to prepare the ground for next week's ministerial gathering to discuss extending oil output curbs into next year due to weak demand amid the second wave of COVID-19.
The contango structure in the market, whereby the prices of front-month delivery contracts are lower than those for delivery six months later, narrowed to as little as 31 USA cents, its smallest since mid June, reflecting traders' views a sustained glut is receding.
AstraZenecasaid on Monday its COVID-19 vaccine was 70% effective in pivotal trials and could be up to 90% effective, giving the world's fight against the global pandemic a third new weapon that can be cheaper to make, easier to distribute and faster to scale-up than rivals.
Demand outlook has improved with news on progression towards Covid-19 vaccines development.
PVM analyst Stephen Brennock said the news was detaching sentiment from "gloomy fundamentals".
OPEC+, which meets on November 30 and December 1, is looking at options to delay by at least three months from January the tapering of their 7.7 million barrel per day (bpd) cuts by around 2 million bpd. It will look at options to extend their deal on output cuts by at least three months from January.
Meanwhile, Yemen's Houthi group said it fired a missile that struck a Saudi Aramco oil company distribution station in Jeddah, Saudi Arabia. There was no immediate Saudi confirmation of the claim.
Grosse déception par contre pour l'Italien Andrea Dovizioso (Ducati), qui ne s'élancera que de la 18e place sur la grille. Belle perf de Johann Zarco qui a terminé deuxième des essais libres du GP de République tchèque, ce samedi.
Manchester United manager Ole Gunnar Solskjaer has opened up on the reasons for Anthony Martial's poor start to the season. Every season is a challenge and you can not rest on your laurels at Man United. "We want Anthony to kick on".
The demonstrations petered out at the start of the year thanks to fatigue, mass arrests and the emergence of the coronavirus. When last year's huge protests broke out, Wong was still serving a jail sentence for his involvement in that earlier round.
According to McLaren, its new hybrid vehicle will draw upon the knowledge gained from its previous electrified models. Company boss Mike Flewitt has said the new vehicle would increase in weight by 30 to 40 kilograms (66 to 88 pounds).
Cousins was with the Los Angeles Lakers last season but did not see the court after suffering a torn ACL in pre-season. In 565 games with the Pelicans, Kings and Warriors, Cousins has averaged 21.2 points, 10.9 rebounds and 3.2 assists.
Currently, " The Queen's Gambit " has an impressive 100% critics' score on Rotten Tomatoes , and an average audience score of 96%. The series, which consists of just seven episodes, was released on Netflix on October 23, 2020.
She made numerous visits to employment training centers to spotlight the need for training programs to equip people for good jobs. For her part, Yellen seems to have been quiet on crypto since leaving the Fed and going to work for a think tank.
Sur le circuit Bugatti, théâtre de son GP national, Fabio Quartararo s'est fait un devoir de signer le meilleur temps de la Q2. Mais un atout supplémentaire pour Zarco, et surtout Quartararo dans sa quête d'un 4e Grand Prix cette saison.
1933 cases of COVID-19 over the weekend in B.C.
The majority of them were from the Fraser Health region and the rest were from Vancouver Coastal. There have been 17 new COVID-19 related deaths, for a total of 348 deaths in British Columbia.
Pulisic joins Chelsea training ahead of Rennes trip
Chelsea forward Christian Pulisic has recovered from a hamstring injury and will be ready for Sunday's Premier League clash against leaders Tottenham Hotspur , said manager Frank Lampard , but will not travel to France for Tuesday's Champions match with Rennes .