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Brent crude oil exceeded $49 for the first time since March


November, 26 2020
watermark Economic news

The price of January Brent oil futures rose above $ 49 per barrel for the first time since March 6, when prices began to collapse. The current quote for the asset is $47.90.


Prices were supported by yesterday's data from the US Department of Energy, according to which commercial oil reserves in the country fell by 0.8 million barrels, contrary to expectations of an increase of 0.1 million.


An additional positive comes from the news about the development of vaccines against coronavirus. The effectiveness of several drugs from COVID-19 is assessed as high, which gives investors hopes for a faster recovery of the global economy.


We recall that in March, oil quotations fell sharply after the OPEC+ countries were unable to agree on changing the parameters of the agreement on the reduction of black gold production or its extension.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.