Crude Oil price surged to 45.3 USD per barrel and can touch 48 USD per barrel by mid of May 2021.
Efficient Covid-19 vaccines news helped Crude Oil Prices surge from 41 to 42 USD levels to 45 USD levels per barrel in just a week of time.
In last 1 week 4 pharmaceutical and biotechnology companies have reported that they had good Covid-19 vaccine which has good efficiency levels.
Pfizer, Moderna, Astrazeneca and Russia company Sputnik V have reported their Covid-19 vaccines has good efficiency levels.
Definitely by April 2021, atleast 1 Billion people across the World will be getting Covid-19 vaccine.
So more trains will move, more flights will move, more cars and bikes will come on road, industry productions will scale up, power producing will be scaled up.
All these stuff, will increase demand for Crude Oil.
So there is high possibility that Crude Oil will touch 48 USD per barrel by mid of May 2021