Crude oil prices are moving higher Monday morning amid slightly fading worries about energy demand following a Covid-19 vaccine from Pfizer-BioNTech receiving the nod from U.S. regulators.

Reports that an oil tanker exploded at the Jeddah port in Saudi Arabia too contributed to the rise in crude oil prices this morning.

West Texas Intermediate Crude oil futures for January are currently up $0.61 or 1.3% at $47.18 a barrel, after rising to $47.37 earlier.

Brent crude futures are up $0.60 or 1.2% at $50.57 a barrel.

According to reports, the United States is likely to start Covid-19 vaccinations on Monday after Robert Redfield, the director of the Centers for Disease Control and Prevention or CDC, gave the approval for Pfizer- BioNTech’s COVID-19 vaccine.

The CDC Director accepted the recommendation by CDC’s Advisory Committee on Immunization Practices or ACIP for vaccination with Pfizer-BioNTech COVID-19 vaccine in people 16 years of age and older. The recommendation follows the Emergency Use Authorization or EUA issued by the U.S. Food and Drug Administration for the vaccine on last Friday.

Traders are also looking ahead to the upcoming meeting of the joint ministerial monitory committe of The Organization of the Petroleum Exporting Countries and its allies (OPEC+), scheduled to take place on December 16.

The cartel is then scheduled to meet early January 2021 to gauge fuel demand. It recently decided to limit production rises to 500,000 barrels per day starting in 2021.

The material has been provided by InstaForex Company – www.instaforex.com

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