Oil hits highest since March collapse on vaccine, Biden transition | Reuters
Oil hit its highest since in March on Tuesday, rising towards $47 a barrel, as a third promising coronavirus vaccine spurred demand recovery hopes and U.S. President-elect Joe Biden received the go-ahead to begin his transition.
AstraZeneca said on Monday its COVID-19 shot was 70% effective in trials and could be up to 90% effective, giving the fight against the pandemic a third vaccine. This follows positive results from Pfizer/BioNTech and Moderna.
Brent crude rose 51 cents, or 1.1%, to $46.57 a barrel by 1322 GMT and hit a session high of $46.72, its highest since March 6. U.S. West Texas Intermediate crude gained 63 cents, or 1.5%, to $43.69.
“The fight against the coronavirus is intensifying and is proving to be increasingly successful,” said Tamas Varga of broker PVM. “Next year’s oil demand estimates are bound to be amended upwards.”
No comments:
Post a Comment