Oil rises in price on optimism around coronavirus vaccine

10:39 23.07.2020 868

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Benchmark oil prices rose moderately on Tuesday amid news of positive results from coronavirus vaccine tests, Interfax reported.

 The cost of September futures for Brent oil on the London stock exchange ICE Futures by 8:14 Moscow time was $43.40 per barrel, which is $0.12 (0.28%) higher than the price at the close of the previous session.  These contracts gained $0.14 (0.3%) on Monday.

 By this time, futures for WTI crude oil for August at the electronic trading of the New York Mercantile Exchange (NYMEX) rose in price by  0.03 (0.07%) - to $40.84 per barrel.  By the close of previous trades, the value of these contracts increased by $0.22 (0.5%).

 The August WTI contract expires at the close of trading on Tuesday.  The price of September WTI futures on Tuesday morning increases by $0.05 (0.12%) and is $40.97 per barrel.

 According to a publication in the journal Lancet, the coronavirus vaccine being developed by the University of Oxford and AstraZeneca, according to preliminary data, helped to develop an immune response to the virus in subjects.

 At the same time, the scientific publication clarifies that now vaccine trials should be carried out with the participation of those who are at risk for coronavirus - health care workers and the elderly with concomitant diseases.

 While the first test results for the vaccine are undoubtedly "good news, scientists say it is too early to say for sure whether it is sufficient to protect it", - Think Markets analyst Fawad Razakzada, quoted by MarketWatch, said.

 He also stressed that "in the past few weeks, oil prices have been extremely calm, which may indicate the likelihood of a sharp movement in the near future".

 Meanwhile, the leaders of the European Union countries, after four days of negotiations, have reached an agreement on a plan to restore the economy hit by the coronavirus pandemic and the EU budget for 2021-2027, European Council President Charles Michel announced on Tuesday.

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