Hopes of COVID-19 vaccine push up crude prices

Hopes of COVID-19 vaccine push up crude prices

Wednesday, December 2, 2020 by Sara Welch

News of multiple potential coronavirus vaccines has pushed crude prices up to $45 per barrel for West Texas Intermediate, according to Houston Public Media.

The recent vaccine news, paired with an announcement that the Trump administration is preparing for the transition to president-elect Joe Biden has pushed oil to a nearly nine-month high.

However, companies need more like $50 to $60 per barrel to break even and experts expect WTI to sit in the $40 range well into 2021.

Learn more: Houston Public Media > Weekly oil market crash update: COVID-19 vaccine hopes push west Texas crude to $45 per barrel

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