Brent touches $45/bbl on vaccine hopes and U.S. crude drawdown | Reuters
Global oil benchmark Brent rose on Wednesday, briefly touching a more than two-month high above $45 a barrel on hopes of a COVID-19 vaccine that could boost demand and later pulling back as concerns about rising cases overtook bullish news.
Brent settled up 19 cents, or 0.4%, at $43.80 a barrel, after earlier trading at a session peak of $45.30 - the first time it has cleared the $45 threshold since early September.
U.S. West Texas Intermediate (WTI) crude settled up 9 cents at $41.45, after setting a session high of $43.06.
Both Brent and WTI prices are up about 11% this week after initial trial data showed the experimental COVID-19 vaccine being developed by Pfizer Inc PFE.N and Germany's BioNTech 22UAy.DE was 90% effective.
Still, concerns about rising cases weighed on the market.
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