Crude oil prices on steroids, gains 10% per barrel

Brent crude prices were up about 9.25%, breaking out of its strong resistance level of $43/Barrel.

Crude Oil prices advanced to about 10% at the pre-open of the U.S trading session, over news that a COVID-19 vaccine is in play and more stimulus packages would boost a global fragile economy – sparking a buoyant mood across energy markets.

At the time of writing this report, Brent crude prices were up about 9.25%, breaking out of its strong resistance level of $43/Barrel, and West Texas Intermediate gaining over 10% to trade over 40.90/Barrel.

Also, OPEC energy ministers talked openly about the possibility of adjusting their oil-cuts deal, the latest signal that OPEC+ is reconsidering plans to hike production in January.