News of Covid-19 vaccine pushes up oil prices
The price of oil is expected to move upwards this week (November 30 to December 4) thanks to positive news about AstraZeneca’s Covid-19 vaccine, PTT’s International Trading Business Unit forecast on Tuesday.
The unit said the price of oil had been affected by the smooth US presidential transition and Shell’s oil-delivery accident in Nigeria's Brass River on November 24. The unit also said that the number of oil rigs in the US rose by 10 rigs to 241 as of November 25.
“We advise following the Opec+ meeting as the organisation’s plan to cut oil production to 7.7 million barrels daily will be extended until the first quarter next year,” the unit added.
