Brent crude prices reached their highest levels since March, as news of a promising third Coronavirus vaccine supported hopes for a faster recovery in oil demand, while US President-elect Joe Biden received the green light to begin the transition process for his leadership.
During trading, Brent crude futures increased 45 cents a barrel, equivalent to 1%, to 46.51 dollars a barrel, and American West Texas Intermediate crude rose 46 cents, or 1.1%, to 43.52 dollars a barrel.
Earlier on Tuesday, Brent rose to a session high of $ 46.65, the highest price traded since early March, before Saudi Arabia beat the drums of a price war with Russia, which led to the collapse of oil prices.
Both benchmarks were settled up nearly 2% on Monday, after an increase of nearly 5% last week.
“Progress in developing and distributing a vaccine reduces the risks on the path back to normal for the oil markets,” said Stephen Ins, a senior global market analyst at Axi Financial Services.
AstraZeneca said yesterday that its vaccine is 70% effective in basic trials and its effectiveness may rise to 90%, giving the global war against the pandemic a third weapon that can be cheaper, easier to distribute and faster to increase compared to competitors.
This came after positive results from the experiences of Pfizer and Biontek on the one hand, and Moderna on the other hand. (Reuters)
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