COVID-19 vaccine won’t help oil market

On Tuesday, December 22, the collapse in oil prices continued: the price of Brent fell by 1.9%, falling below the important mark of $ 50, to $ 49.82 per barrel, and the price of WTI fell by 2.2%, to $ 46.73 per barrel. barrel.

The oil market is still under pressure from fears of a decrease in global oil demand due to the closure of flights by many countries with the UK due to the spread of a new strain of Covid-19 in this country.

While Rospotrebnadzor reassures Russians that the British covid strain has not been found in Russia, and that registered domestically produced vaccines will also be effective against coronavirus mutations, the IEA is skeptical about the impact of future vaccinations of the world’s population on the oil market, believing that in the first half of 2021 the oil market will see no significant effect from vaccinations.

This morning, the oil market, still driven by fears, continues to retreat again: the price of Brent is down 0.56%, and a barrel of WTI is down 0.6%. Our expectations for Brent prices today correspond to the corridor of $ 49-50 per barrel.

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