International oil prices hit a two-month high

During the week from November 16th to 20th, international oil prices continued to rise and have been rising for three consecutive weeks since the beginning of November. The average price of WTI and Brent crude oil futures both rose more than 2% on a week-on-week basis. On November 20, international oil prices hit a two-month high. WTI crude oil futures prices rose 0.98% from the previous day to 42.15 US dollars per barrel, and Brent prices rose 1.72% from the previous day to 44.96 US dollars per barrel.

The news that the COVID-19 vaccine experiment has good results and OPEC+ is expected to continue to reduce production supports the recent oil prices.

On November 20, international oil prices hit a new high since September 20, reaching US$42.15/barrel and US$44.96/barrel respectively. During the week of November 16-20, the average price of WTI crude oil futures increased by US$0.83/barrel from the previous week, an increase of 2.02%; the average price of Brent increased by US$0.99/barrel from the previous week, an increase of 2.29%