Oil prices continued to rise in trading earlier in the week supported by market confidence in the recovery in global fuel demand following encouraging news about the coronavirus vaccine.
Optimism for the recovery from the epidemic has prompted rising oil prices in recent weeks, while the market is also seeing developments on the surge in cases and sanctions measures imposed in Europe and the United States.
Most recently, the United States is expected to receive the Covid-19 vaccine a day after the U.S. Food and Drug Administration (FDA) approved it in mid-December.
At the opening of the Asian session, the benchmark Brent crude futures rose 17 sen to $ 45.13 a barrel, while the US WTI strengthened at $ 42.46 a barrel. Both benchmarks have risen 5% in the past week.
In addition, sentiment was also strengthened by the hope that OPEC and its allies including Russia, also known as OPEC + will continue to maintain its commitment to reduce crude oil production by 7.7 million barrels a day early next year.
However, with concerns remaining over the continued increase in cases and deaths of Covid-19 nationwide, the increase in oil prices has been relatively limited.
