WTI crude futures jumped more than 2 percent above $ 55 on the day. It was driven by the Petroleum Exporting Countries (OPEC) and allied nations. Or OPEC Plus Still producing oil according to the agreement
At 11.18pm Thai time, the West Texas Crude Oil (WTI) contract for delivery in March. It traded $ 1.58, or 2.95 percent, to $ 55.13 a barrel.
Oil prices also benefited from the Saudi oil production cut. And forecasts about the global economic recovery
Saudi Arabia has cut its production capacity of 1 million bpd to 8.125 million bpd. Starting from Feb. 1 until the end of March While OPEC Plus Oil production is scheduled to remain at 7.2 million barrels / day during the period.
Oil prices remain under pressure from delays in the spread of COVID-19 vaccine. And the announcement of international travel controls to prevent the spread of the COVID-19 virus
AstraZeneca said that COVID-19 vaccine That the company developed in collaboration with the University of Oxford Deliveries to the European Union (EU) are below target until late March. Due to production problems It is expected to reduce vaccine deliveries by 60 percent to just 31 million doses, while Pfizer Inc. also said. The company will cut deliveries of the COVID-19 vaccine to just 50% to Europe, affecting deliveries from the end of this month to early next month.
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