Monthly Pricing - 01/12/2020

Brent crude rose by $13.00/bbl across November, peaking at an eight-month high of $49.00/bbl as several successful covid-19 vaccine trials boosted market optimism.

GBP gained four cents against USD in November, rising to a high of 1.339, supported by hopes for a Brexit trade deal and easing lockdown measures due in December.

Boris Johnson unveiled a new Green Plan, which includes a ban on the sale of diesel and petrol cars by 2030 and plans to increase the UK’s hydrogen production capacity.

Price Drivers

Supply Jan-21 increase in OPEC+ production likely put on hold. Libyan output surpasses 1mbpd after embargo lifted.
Demand Reuters expects 2021 demand to fall by 300kbpd due to C-19. Second national lockdown hampers UK demand recovery.
Geo-Political Joe Biden wins 2020 US Presidential Election. Several successful global covid-19 vaccine trials.