Oil prices rise on the back of demand fears
A new wave of coronavirus infections across Europe has triggered new lockdowns. Oil prices rose more than $ 1 on Friday after a big sell-off in the previous session as concerns dampened expectations for an improvement in oil demand.
Brent crude oil rose to $ 64 levels, while US crude oil rose to $ 61 levels.
Oil fell by about 7% on Thursday as several major European economies reintroduced shutdowns and vaccination programs were slowed due to distribution problems and concerns about possible side effects.
Germany, France and other countries announced the resumption of vaccination after regulators declared the AstraZeneca vaccine safe, but the halting of the program made it difficult to overcome resistance to vaccines among part of the population.
The UK also announced that the launch of the COVID-19 vaccine will be delayed next month due to the delay in supply.
Goldman Sachs said that despite the Organization of Petroleum Exporting Countries' OPEC + grouping and its allies waiting to take action, the wind on European Union demand and Iranian supply would slow the oil market rebalance by 750,000 barrels (barrels) a day in the second quarter.
Goldman announced that he expects a significant increase in global oil demand in the coming months, with the Brent forecast rising to $ 80 a barrel this summer.
