Global markets are witnessing a rise in oil prices

Economy

24-11-2020, 09:54

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Follow-up INA

Brent crude prices rose during trading today, Tuesday, to their highest levels since March 2020, as news of a promising third Corona virus vaccine supported hopes for a faster recovery of oil demand.

US crude futures, "West Texas Intermediate", were trading at $ 43.48 a barrel, up 1% from yesterday's closing price.

Brent crude futures were trading at $ 46.48 a barrel, an increase of 0.91% over the previous settlement. And earlier in the day, Brent rose to a session high of $ 46.65, the highest price in circulation since early March.

"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.