Experimental vaccines against Corona-virus fueled global markets with optimism.

24/08/2020

Global markets were fueled with optimism on 24.08.2020 due to the release of experimental vaccines for corona Virus treatment.

Global stocks jumped on Monday after FDA (U.S. Food and Drug Administration) announced successfully tested blood plasma from recovered patients as a treatment option from Corona Virus.

Wall Street indexes are already at record highs.

Despite rising infection numbers, global markets have nearly recovered losses caused by the Corona Virus pandemic. Forecasters look cautiously at the quick recovery as they think it is too early to be sustained and strong due to uncertain economic activities. If the second wave of infections hit, it will hamper travel and business and slow economic recovery.

Crude oil prices rose on Monday 24.08.2020 due to two storms threatening the Gulf of Mexico, shutting more than half of its oil production.

On Sunday 23.08.2020 Tropical Storm Laura and Hurricane Marco tore through the Caribbean and Gulf of Mexico, forcing energy companies to evacuate workers from offshore platforms and shut down oil output, 58% of the Gulf's offshore oil output and 45% of natural gas supply had been shut by Sunday. The region accounts for 17% of total U.S. oil production and 5% of U.S. natural gas output.

In the Gulf of Mexico from the 643 manned platforms and 114 production platforms, all employees have been evacuated.

Royal Dutch Shell (RDS.A, RDS.B) says it has shut down not all the production but one of them in the U.S. Gulf but does not identify which field continues to produce.

The personnel have been evacuated and production has been put on hold by BP, Chevron (NYSE: CVX), and Murphy Oil (NYSE: MUR) as well, according to previous reports.

 

Oil price growth was also influenced by optimism after U.S. regulators approved the use of blood plasma from recovered patients as a treatment option for the corona Virus.