Crude oil price: crude oil crosses $ 50 for the first time since March

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The introduction of corona virus vaccination has raised hopes. With the Corona epidemic under control, demand for crude oil will increase next year.

Reuters|

Updated: Dec 11, 2020, 11.50 AM IST

The introduction of corona virus vaccination has raised hopes. With the Corona epidemic under control, demand for crude oil will increase next year.
Tokyo: On Friday, crude oil continued to boom. Its prices went up by 1 percent. There was a strong rise in crude oil on Thursday. For the first time since March, Brent has crossed $ 50 a barrel. The introduction of corona virus vaccination has raised hopes. With the Corona epidemic under control, demand for crude oil will increase next year.

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On Thursday, crude oil had risen by about 3 percent. Brent also saw a gain of 45 cents or 0.9 percent on Friday. With this, it reached $ 50.70 per barrel. US oil was up 50 cents, or 1 percent, to $ 47.28 a barrel. On Thursday, this benchmark was increased by about 3 percent.

For the past 6 weeks, crude oil has seen a boom. The reason for this is that a lot of expectations have been raised with the introduction of Corona’s effective vaccine. Vaccination has started in Britain from this week. Vaccination is expected to start soon in America. Canada has also approved the use of its first vaccine with initial shots from next week on Wednesday. A committee of the US FDA has recommended approving the emergency use of Pfizer vaccine. So far, about 3 lakh people in America have lost their lives due to the corona epidemic.

Another reason for the rise in crude oil prices is that demand in Asia is strong. India’s largest refiner has said that for the first time this year all its nine units are operating at 100 percent capacity.

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Topic

Crude Oil Price

Pfizer

Canada

FDA

Brent

America

Britain

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