The oil market foresees the recovery of land and air transport

Experts link the rally to Pfizer's announcement, although they estimate that it will last but in the medium term. Repsol rises more than 12% on the stock market.
Just as the stock markets rise due to the prospects of overcoming the pandemic that has sunk the economy in much of the planet, raw materials also make their reading of the advance of the Pfizer vaccine. Gold and silver are down due to risk reduction, while oil is skyrocketing. Since yesterday he has been starring in a rally that has not been known for more than six months. The Brent (crude of reference in Europe) points more than 6%, up to 42 dollars a barrel.

On the other side of the Atlantic, the West Texas (WTI) price closed yesterday with a rise of 8.48%, to 40.29 dollars a barrel, also as a result of the announcement by Pfizer and BioNTech. With this news, overcome the possible negative impacts of the triumph of Joe Biden. The democrat is a firm supporter of reducing the weight of this hydrocarbon in his country's energy consumption, which will return to the Paris Agreement. And it is detractor in addition to the production of crude oil by non-traditional technologies.

Experts agree that this market reaction is due to the effect of the vaccine on the recovery of previous life. According to analyst Bjornar Tonhaugen, from the firm Rystad Energy, investors estimate that a vaccine would ensure that no new confinements occur, allow the recovery of air and road transport and, as a consequence, the demand for crude oil.
Although he warns that the price of oil is very likely to fall again, once the market is aware that the impact on demand will not be noticeable in the short term and that a mass vaccination is still far away.

Companies related to air transport and tourism have also benefited from the news given by Pfizer, especially the IAG group, made up of British Airways, Iberia, Aer Lingus, among other airlines.

For its part, the Organization of the Petroleum Exporting Countries (OPEC) foresees that the demand for oil will increase by 6.5 million barrels per day in 2021. That figure is equivalent to two-thirds of the 9.8 million that this year has fallen. year due to the crisis caused by the pandemic. Although, Saudi Arabia has indicated that it is possible that the agreement in force to reduce production will be extended, even with modifications.