Oil prices rise due to hopes for vaccines and compliance with OPEC+ restrictions

Oil is showing positive dynamics this morning. At 9:14 a.m. Brent was up 0.47% to $59.84, while WTI was up 0.93% to $57.38. Earlier in the morning the Brent price reached $60 per barrel. Market participants' optimism was bolstered by hopes for coronavirus vaccines, which are spreading around the world. Against this background, concerns about decline in demand recede into the background - players expect that it will return to pre-crisis levels. Positive effect on the quotes also has a positive impact implementation of commitments from OPEC +, Bloomberg quotes the words of quotes Bloomberg agency in the words of leading strategist of CMC Markets Michael McCarthy. The alliance strictly performs the established restrictions on reduction of production. A new phase of the agreement began this month, implying a reduction of by about 1.4 million bpd. As McCarthy notes, compliance with the terms of the agreement, as well as the recovery of demand, will have a positive impact on the oil market.