Coronavirus doubts stop rise in oil market

At today's auctions, oil prices fell due to new supply expectations and doubts about coronavirus drugs, Report informs.

After February futures for Brent crude were sold at $ 47.79 yesterday, at 10.52 Baku time today, January futures for WTI were traded at $ 45.71 yesterday and $ 45 today.

Both products have risen by an average of 6% this week amid news that the COVID-19 vaccine provided by Astra Zeneca is up to 90% effective. There were also reports of successful trials of two other drugs. However, doubts in the scientific community about these tests' results have dispelled the optimism relating to the new drugs.

At the same time, OPEC + member countries plan to increase production by 1.9 million barrels from January 1, according to the schedule for production cuts approved in April, but this was postponed ahead of next week's meeting of the Monitoring Committee of Ministers. Three reliable sources stated this.

The increase in oil production in Libya and the travel of 6 million people on Thanksgiving in the US also affected prices.