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.