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)
These were the details of the news Brent is at the highest level since March to support hopes... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.