Vaccine R & D is positive, and U.S. oil has surged to a two-month high!
Sino-Singapore Jingwei client, May 19, according to Reuters Chinese website reported on the 19th, oil prices jumped to the highest level in more than two months on Monday, due to a good initial effect of a new coronary pneumonia vaccine, the market has resumed economic activity Optimism and signs that oil-producing countries are cutting production as planned.
As of the close on the 18th local time, Brent crude oil futures rose 2.31 US dollars to 34.81 US dollars per barrel, an increase of 7.1%; US crude oil futures rose 2.39 US dollars, or 8.1%, to 31.82 US dollars per barrel.
This is the highest settlement price of Brent crude oil and US crude oil futures since March 11. In the first few days of March 11, negotiations between the Organization of Petroleum Exporting Countries (OPEC) and Russia on production cuts broke down, causing oil prices to start to plummet.
Moderna said on Monday that the company's experimental new coronary pneumonia vaccine showed encouraging results in small-scale early trials. The virus-neutralizing antibodies produced by the vaccine are similar to those found in recovered patients.
The company said that the vaccine induced an immune response in some healthy volunteers who were vaccinated, and the vaccine was generally safe and well tolerated.
The Moderna vaccine is one of the fastest-growing new coronavirus vaccines currently under development. These results have released a preliminary but promising signal and indicate that the company is expected to achieve its ambitious timetable, which will be this fall Produce vaccines for emergency use.
Bob Yawger, head of Mizuho Energy Futures, said, "It took more than two months for US crude oil futures to basically clean up the wreckage after the March OPEC + meeting."
According to reports, companies that track oil exports said that the Organization of the Petroleum Exporting Countries (OPEC) had significantly reduced oil exports in the first half of May, indicating that the organization has made a good start in complying with the new production cut agreement.
OPEC agreed to record a reduction of 9.7 million barrels per day from May 1st. Saudi Arabia, the world ’s largest oil exporter, announced last week that it will cut oil production by another 1 million barrels in June.
The rebound of the June US crude oil futures contract, which will expire on Tuesday, implies that the oil price fell to a historical low of minus 40 dollars per barrel last month and will not repeat itself.
Despite the surge in oil prices on Monday, investors are cautious about US crude oil. According to the Wall Street Journal, as some economies around the world lift the blockade, they are looking for different ways to profit from the energy market.
Some fund managers believe that investing in refined oil or Brent crude is safer and more profitable. And now the most popular deal is gasoline. (Sino-Singapore Jingwei APP)