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The past week began with a strong rally in oil prices.

Global oil prices rose more than 10% on Monday amid news of successful trials of a coronavirus vaccine developed by Pfizer and BioNTech. The price of January futures for North Sea Brent crude oil rose by 10.11%, to $ 43.44 per barrel, December futures for WTI crude oil rose by 11.15%, to $ 41.28 per barrel. BioNTech said the vaccine it developed with Pfizer has been tested to be more than 90% effective in preventing COVID-19 infection, and the vaccine could be filed in the US as early as November. The optimism of traders outweighed fears about the pace of the global economic recovery and supported the expectations for oil demand.

The news came on Tuesday that Libya is ready to join the OPEC + agreement if stable production reaches 1.7 million bpd. This was stated by the head of the National Oil Corporation (NOC) of the country, Mustafa Sanalla. At the moment, oil production in the country has recovered to 1 million barrels per day, in a month the figure is expected to rise to 1.3 million bpd. However, the current level of oil production, as well as its growth prospects, are extremely unstable due to insufficient financing of the country's oil sector. So, since January, oil production in Libya fell by almost 1.2 million b / d to 100 thousand b / d due to the blocking of oil facilities against the background of the confrontation between two political forces in the country, but since the end of September, oil production and export have been restored.

The next day the dynamics of oil quotes remained positive. The price of January futures for North Sea Brent crude oil rose by 2.43% to $ 44.67 per barrel, December futures for WTI crude oil rose 2.71% to $ 42.48 per barrel. Brent crude oil has renewed its maximum since September 2, rising in value above $ 45 per barrel.

On Thursday another report from the International Energy Agency (IEA) came out, experts lowered the forecast for global oil demand in 2020, while slightly increasing the forecast for a recovery in demand in 2021. The report notes that demand will decrease by 8.8 million barrels per day in 2020 (versus 8.4 million in the previous report) and will grow by 5.8 million barrels per day in 2021 (versus 5.5 million barrels per day in the previous report). The agency notes that the revision is associated with an increase in the incidence of COVID-19 in Europe and the United States. The day before, on November 11, OPEC published its monthly report. According to him, the demand for oil in 2020 will be lower by 300 thousand barrels per day than predicted a month earlier, and will amount to 90 million barrels per day. OPEC revised its consumption forecast for 2021 by the same amount (up to 96.3 million barrels per day).

The week ended with negative dynamics due to the concerns about the slow recovery of the global economy and the demand for raw materials due to the accelerating growth in the number of COVID-19 infections in the world. The price of December futures for North Sea Brent crude oil fell by 0.57%, to $ 43.29 per barrel, and December futures for WTI crude oil - by 0.85%, to $ 40.78 per barrel. In addition, the market was affected by the correction as investors took profits after an impressive rally. Analysts expect oil prices to remain under pressure next week if the spread of the virus continues to accelerate in many parts of the world.

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