Ezz_steel1
kuwait_steel1
imatal4
Ezz_Web_Banner_Side_280x200
qatar_steel2
banner_7_22_300e2
banner_bahrian_600
banner_bahrian_600

Oil prices are rising and all eyes are on the market

Oil prices rose on Tuesday, thanks to expectations that OPEC and its allies will extend crude production cuts for at least three months, while sentiment boosted news of another promising Corona virus vaccine.

Brent crude in January contracts rose 26 cents, equivalent to 0.6 percent, to $ 44.08 a barrel. US West Texas Intermediate crude added 18 cents, equivalent to 0.4 percent, to $ 41.25 a barrel.

Stock markets rose, driven by hopes of a faster economic recovery, after Moderna announced that its experimental COVID-19 vaccine is 94.5 percent effective in preventing the disease, according to preliminary data.

“Oil is likely to be the most affected among the major asset classes with the announcement of the Moderna vaccine,” said Geoffrey Haley, market analyst at Oanda, adding that the positive vaccine news “certainly provided long-term support for oil prices.”

Moderna’s results came after Pfizer announced last week that its vaccine was more than 90 percent effective.

The OPEC + group, which includes OPEC and allies including Russia, is scheduled to hold a ministerial committee meeting today that may recommend changing production quotas when all ministers meet on November 30 and December 1.

Share on twitter
Twitter
Share on facebook
Facebook

Related News

Ezz-780-1
kuwit-steel3
mih-1

Latest News

About AISU

Arab Iron and Steel Union ( AISU ) was established in Algeria in 1971 as the first Arab union of Arab countries to be established under the umbrella of the Council of Economic Unity in the League of Arab States.

AISU is a non-governmental organization of a private nature, not of a political or commercial nature.

AISU works in the field of preparing studies, organizing courses and holding periodic conferences for the prosperity of the Arab iron and steel industry. The union includes a wide range of companies with multiple activities related to the iron and steel industry.

Information About Union

92 Members

28 Board of Directors

17 Country

300.000 Employees

Subscribe Newsletter

Contact us

General Secretariat
Tel +21323304221 Fax +21323304254
Mail: relex@solbarab.org

Cairo Regional Office
Tel +20233356219 Fax +20233374790
Mail: aisucairo@solbarab.org

All rights reserved Arab Iron and Steel Union | 1971 - 2022

Powered by Mohamed Hamed