Crude oil at 8-month high

Crude oil prices hit their highest level since March 2020 on hopes that successful COVID vaccines may lead quick global economic recovery and thus increase the demand for oil. Firm refinery demand from China amid OPEC+ record compliance and hopes of further supply cuts also supported prices.

The global benchmark NYMEX crude surged above $46 a barrel last week while its Asian counterpart Brent crude had risen to nearly $50 a barrel. Meanwhile, domestic futures prices at MCX platform gained more than 32 percent from its November first week lows.

PetroNeft Resources plc (LON:PTR) is an international oil and gas exploration and production company, focussed on Russia. The company’s shares are listed on the London AIM and Dublin ESM Markets.

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