oil prices gained more than 8% during Monday's trading, after the American company Pfizer announced the effectiveness of the Corona vaccine that it is working to produce by 90%.
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According to Reuters, this news supported oil prices that benefited from Biden's victory, as Brent crude futures rose above $ 42.7 a barrel, offsetting concerns about the impact Coronavirus pandemic worsens on demand.
US West Texas Intermediate crude for December delivery reached $ 40.49 a barrel, up 3.3%.
Oil is recovering from a 4% drop on Friday, rising with the rest of the financial markets after Biden appeared to be the winner in the US election race on Sunday. Meanwhile, the dollar weakened, which boosted primary commodities priced in the US currency as they became less expensive for holders of other currencies.
said Michael McCarthy, chief strategist at CMC Markets in Sydney, trades this morning with a flavor of risk appetite, indicating growing confidence that Joe Biden will occupy The White House, while the Republican Party will retain control of the Senate. The result is perfect from a market point of view. Neither party controls Congress, so trade wars and tax increases are both largely off the agenda.
OPEC and its allies, in what is known as the OPEC + group, are cutting production by about 7.7 million barrels per day to balance global oil markets.
China, the world's largest crude importer, recorded a 12% decrease in October imports compared to September.
