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Oil prices rise, and Brent is at $50.34 a barrel

11.12.2020,11:49


December 11, Fineko/abc.az. Oil prices keep on growing in Friday’s trading amid optimism about the introduction of Covid-19 vaccines that will lead to economic recovery in 2021.

Following yesterday’s meeting the U.S. FDA Advisory Committee recommended the FDA to approve the emergency use of Pfizer and BioNTech's Covid-19 vaccine in the U.S.

By 9:18 am, at the London ICE Futures Exchange the price of February’s Brent crude futures grew by $0.09 (0.18%) up to $50.34 per barrel. At the end of trading on 10 December the Brent futures for February increased in price by $1.39 (2.85%) up to $50.25 per barrel.

By 9:18 am, at the New York Mercantile Exchange (NYMEX) the WTI oil futures for January rose in price by $0.12 (0.26%) up to $46.90 per barrel. At the end of trading on 10 December the WTI oil futures for January grew by $1.26 (2.77%) up to $46.78 per barrel.

The Brent and WTI prices at the close of trading on Thursday were the highest since March 2020.