Crude oil futures are rising, demand is expected to increase with US vaccine approval

Crude oil futures prices are rising in Asian time trading on the 24th.

Crude oil futures prices are rising in Asian time trading on the 24th. The official approval of the vaccine jointly developed by Pfizer and Biontech in Germany has raised expectations that US corona vaccination will accelerate and fuel demand will increase.

As of 0201 GMT (11:01 am Japan time), Brent futures were up $ 0.66 (0.9%) to $ 69.41 a barrel. US WTI futures are up $ 0.60 (0.9%) to $ 66.24 a barrel. Both increased by more than 5% the day before.

On the 23rd, the US Food and Drug Administration (FDA) officially approved the new coronavirus vaccine jointly developed by Pfizer & Biontech of Germany. This is the first official approval of the new corona vaccine in the United States.

With official approval, there are growing expectations that concerns over the safety and efficacy of vaccines will be dispelled and that it will be easier for state and local governments and businesses to proceed with vaccination.

Prices are also supported by the expected decline in US crude oil and gasoline inventories in a Reuters survey conducted prior to the release of weekly inventory statistics by the API and EIA.

On the other hand, distillate oil inventories are expected to increase. API will release inventory statistics on the 24th and EIA on the 25th.

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