Oil prices up $1/bbl on virus vaccine hopes, EU stimulus deal - Reuters

Oil prices up $1/bbl on virus vaccine hopes, EU stimulus deal - Reuters:

Oil prices rose about $1 a barrel on Tuesday, hitting the highest in more than four months with a boost from a European Union stimulus deal and hopeful news about coronavirus vaccine trials.

Also supporting the market, U.S. crude oil and refined products inventories likely fell last week, a Reuters poll showed. [EIA/S]

Brent crude futures settled at $44.32 barrel, rising $1.04, or 2.4%. West Texas Intermediate (WTI) settled at $41.96 a barrel, gaining $1.15 cents, or 2.82%.

Prices were buoyed by an agreement among European Union leaders on a 750 billion euro ($859 billion) fund to prop up coronavirus-hit economies.