Brent crude prices reached their highest levels since last March, as news of a promising third Coronavirus vaccine supported hopes for a faster recovery of oil demand, while the US President-elect, Joe Biden, received the green light to start the transition process for his leadership.
Brent crude futures increased today, Tuesday, 45 cents a barrel, equivalent to one percent, to 46.51 dollars a barrel, and US West Texas Intermediate crude rose 46 cents, or 1.1 percent, to 43.52 dollars a barrel.
Brent also rose to its highest level in the session at $ 46.65, the highest price in circulation 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 percent, on Monday, after an increase of nearly five percent, last week.
"The progress in developing and distributing a vaccine reduces the risks on the path to return to normal for the oil markets," said Stephen Ins, senior global market analyst at Axi Financial Services.
Yesterday, AstraZeneca stated that its vaccine is 70 per cent effective in basic trials and its effectiveness may rise to 90 per cent, which gives the global war against the emerging corona virus pandemic a third weapon that can be less expensive, easier to distribute and faster to increase compared to Competitors.
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