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The price of oil is reported to be higher today, driven by optimism about vaccination against Covid 19.
America is promoting a stimulus package and plant activity in Europe is on the rise, despite coronavirus restrictions.
Brent crude rose 83 cents, or 1.3%, to $ 65.25 a barrel at 1257 GMT, and US West Texas Intermediate (WTI) crude rose 79 cents, or 1.3%, to $ 62.29 per barrel.
““The three main supporting factors are the spread of vaccines, the optimism for economic growth and the view that the oil balance will be tightened as a result of the first two points.” said PVM Oil Associates analyst Tamas Varga.
Support also came from a $ 1.9 trillion relief package passed by the U.S. House of Representatives on Saturday. If approved by the Senate, the stimulus package would pay for vaccines and medical supplies and send a new round of emergency financial assistance to households and small businesses, which would have a direct impact on energy demand. The approval of the Johnson & Johnson vaccine, with just one dose, also sparked economic prospects.
Production data from around the world were different. China’s plant activity growth fell to a nine-month low in February, but German activity reached its highest level in more than three years and Eurozone plant activity developed, driven by growing demand, Reuters reports.
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