Oil price skyrocketed

The price of North European Brent crude on the London ICE exchange has skyrocketed, according to data site.

At the time of publication, futures contracts for March delivery were worth $ 55.28 per barrel. The growth compared to the level of the previous trading session was 1.6 percent.

February futures for a barrel of US WTI crude oil cost $ 51.49. Growth compared to the closing session on January 7 was 1.2 percent.

Brent crude was last traded on the ICE exchange above the level of $ 55.27 per barrel at the end of February 2020.

Analysts cite the reasons for the rise in prices for raw materials with positive news about the start of vaccination of the population of several countries from coronavirus at once and receiving by the US Democratic Party control over both houses of Congress, which is likely to mean additional funding for the pandemic-stricken economy.