Oil prices advance on the prospect of COVID-19 vaccine

Gulf Today Report

Oil prices jumped on Monday as traders remain hopeful for a COVID-19 vaccine soon. Fresh lockdowns in Europe and the US also affected the prices.

Brent crude futures rose 21 cents, or 0.5%, to $45.17 a barrel by 0436 GMT while US West Texas Intermediate crude gained 10 cents, or 0.2%, to $42.52 a barrel. Both benchmarks jumped 5% last week. 

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 Stephen Innes, Chief Global Markets Strategist at axi said the news of coronavirus vaccine in development and OPEC+ meeting set for ending of the month is keeping market hopeful.

Markets are hopeful that OPEC+ will decide to delay the increase in output for at least three months in the meeting.

However, some Russian companies would be pumping more crude in spite of the global deal to reduce production.