Know the fate of this commodity after soaring

 Oil prices fell from a 2-month high in early Asian trading as uncertainty over an increase in the prevalence of Covid-19 offset market expectations for a vaccine.


Brent crude fell 23 cents to $ 44.10 a barrel after rising to a 2-month high in the New York session after Pfizer announced one more positive development regarding the Covid-19 vaccine.


United States WTI was also trading down 35 cents at $ 41.66 a barrel after gaining nearly 1% gain in the previous trading session.


Most recently, Pfizer announced the vaccine that was co-operated with BioNTech had a success rate of 95% compared to the 90% announced earlier in the test it was running. This exceeds the 94.5% order reported by Moderna Inc on Monday.



However, the benefits are not lasting as the growing number of cases of coronavirus worldwide has added to the market's uncertainty about oil demand.


However, when viewed in terms of the trend of market movements this week, trading of the commodity has exhibited a higher increase since the news about the vaccine was announced.


The market is now awaiting the OPEC + decision if the pool will continue its commitment to reduce crude oil spending by January 2021.