Oil prices rise 3% after production stoppage on Pemex platform

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NEW YORK, Aug 24 (Reuters) – Oil prices rose 3% on Tuesday after Mexico suffered a major production stoppage due to an oil rig fire and also after US regulatory approval on vaccines for Covid -19 .

Brent crude oil futures LCOc1 closed up $2.30, or 3.4%, at $71.05 a barrel, while US crude oil (WTI) CLc1 was up $1.90, or 2.9% , to close at $67.54.

Crude Oil advanced more than 8% for the week, rebounding after last week’s 7.6% retreat in the worst weekly drop in oil futures in nine months.

Investors became more optimistic about the ongoing fight against the virus after the US Food and Drug Administration issued full approval on Monday for the Pfizer/BioNTech two-dose vaccine, with emergency use authorization in December of the year. past.

Analysts said China’s apparent success in fighting the Delta variant of the coronavirus has also boosted demand sentiment, with no cases of locally transmitted infections in the latest data.

“Concerns that we won’t see a worldwide ‘shutdown’ due to the Delta variant are fading,” said Gary Cunningham, director of market research at Tradition Energy in Stamford, Connecticut.

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