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Vaccination of Covid-19 has started. Market confidence has begun to return. International crude oil prices rise $49 per barrel.
Vaccination has started in Britain this week. Vaccination in the United States could begin by the end of this week.
Canada also approved the Covid-19 vaccine on Wednesday. They also said that vaccination could start next week.
News of vaccination has been circulating in the media for several days. As a result, oil prices rise three times.
At the time of writing, international crude oil price Brent crude has risen to $49.21 per barrel. West Texas Intermediate crude rose 0.5 percent to $45.74.
The demand for oil has also started to increase. This has increased the oil reserves in the US oil depots by 15.2 million barrels.
Analysts say oil prices have also risen due to a fire at an oil field in Iraq on Wednesday. However, the production of that mine has not decreased in that way.
Oil traders thought that this would reduce the supply of oil in the market.
Oil prices have been low for years. In addition, Russia’s conflict with Saudi-led OPEC has pushed up oil prices.
Added to this is the Covid-19 epidemic. This is the first time in history that oil prices have fallen below zero to -$37.63 in April.