Oil prices rallied on Monday amid optimism that the micron mutation may not lead to serious and / or critical COVID-19 disease, and Saudi Arabia’s decision to raise prices for some buyers also boosted.
On Sunday, Saudi Arabia increased official selling prices for its customers in Asia and the US by 80 cents from the previous month. This move by the monarchy and de facto leader of OPEC shows confidence in the prospects of the market, after the huge uncertainty that was triggered in the previous period by the appearance of the micron mutation.
Concerns about the micron mutation, meanwhile, eased earlier this week following optimistic statements by top US epidemiologist Dr Anthony Fauci to CNN.
“Although it is too early to draw definitive conclusions, (the mutation) does not appear to be causing (disease) with a high degree of severity,” Fauci said, adding: “So far, the signs of severity are a little encouraging.”
Against this background, the January crude contract gained $ 3.23 or 4.9% and climbed to $ 69.49 a barrel on the New York Mercantile Exchange.
Brent, meanwhile, added $ 3.20, or 4.6 percent, to $ 73.08 a barrel.
Last week both contracts fell for a sixth consecutive week.
.
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
