The crude oil price has shown strength on Thursday as the Brent Crude traded at $50 per barrel, recording a 2 percent gain and also, the highest it has been since March 2020 amid the remarkable development of the COVID-19 vaccine. At the end of the trading session in London, Brent traded at $50.34 PB, while U.S West Texas Intermediate traded at $46.96 PBD. The increase in crude oil price is attributed to the deal struck by the Organisation of the Petroleum Exporting Countries (OPEC) on December 3rd where the group agreed to lift production in January by 500,000 BPD. This was following a price war by Saudi Arabia and Russia during the COVID-19 pandemic in March.
