Oil depreciates as part of the correction
Optimism amid news of successful COVID-19 vaccine trials overnight pushed investors to buy risky assets
MOSCOW, November 10 - PRIME. World oil prices are correcting downward on Tuesday morning - investors are fixing profits after active purchases on Monday, according to trading data.
As of 7.30 Moscow time, the price of January futures for North Sea oil mixture of Brent crude fell by 1.13% - to $ 41.92 per barrel, December futures for WTI crude oil fell 1.46% - to $ 39.7 per barrel.
In the previous trading price, oil rose by 6-7%. Optimism on the back of news about the successful trials of the COVID-19 vaccine by Pfizer and BioNTech overnight pushed investors to buy risky assets, including commodities.
"A viable vaccine is a game-changer for the oil market, where half of the demand comes from the movement of people," JP Morgan analysts quoted Reuters as saying. At the same time, experts warn that for a steady rise in oil prices, it is necessary to eliminate the current imbalance in supply and demand.
The outlook for demand is seriously worrying the markets, as the robust increase in coronavirus cases in the US and Europe has already led to another round of lockdowns in several European countries. Traders fear that the US government, which is the largest consumer of "black gold" in the world, may take similar measures.