Price increases in fuel markets after vaccine information

Oil on the New York Stock Exchange is more expensive and is valued above US$73 per barrel in response to information about preliminary studies that have shown that the currently used vaccines against Covid-19 are effective on Omikron. This alleviated investors' concerns about fuel demand – the brokers inform.

West Texas Intermediate oil barrel in deliveries for January costs US$73.08 on NYMEX in New York, higher by 1.00 percent. In the last 3 sessions, WTI has gained over 9%.

Brent on the ICE in London in deliveries for February is valued at $76.47 per barrel, higher by 0.86%.

Investors accepted with relief the data that currently used coronavirus vaccines are also effective to "neutralise" the new strain – Omikron.

Pfizer Inc. and BioNTech SE have reported that laboratory tests have shown that a 3rd dose of the vaccine may be needed to protect yourself against Omicron infection because two doses of "may not be enough"

It was also indicated that 3 doses of "reminiscent" vaccine may make sense even earlier than currently recommended, i.e. 3 months after the first two doses.

Citigroup analysts lowered their predictions of Brent oil price in 2022 by $2 per barrel – to $69 per barrel. Citi experts argue this with concerns about the new variant of the coronavirus – Omicron, although its impact may be less severe than the previous market reactions.

Meanwhile, in the U.S., oil stocks fell by modest 241,000 barrels in the last week and are now 432.87 million barrels – according to the U.S. Department of Energy (DoE).

Stocks of petrol increased by 3.88 million barrels at that time, i.e. by 1.8 percent to 2193 million barrels.

The reserves of distilled fuels, including fuel oil, increased by 2.73 million barrels, or 2.21% to 126.61 million barrels," DoE said.

Source: PAP