Editing date: 11/24/2020 12:08 • 70 read times
Brent crude prices reached their highest levels since March 2020, during Tuesday’s trading, as news of a promising third Corona virus vaccine supported hopes for a faster recovery of oil demand.
By 10:27 Moscow time, US West Texas Intermediate crude futures 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. Earlier in the day, Brent rose to a session high of $ 46.65, the highest price in circulation since early March.
“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.
AstraZeneca said yesterday that its vaccine is 70% effective in basic trials and its effectiveness may rise to 90%, giving the global war against the pandemic a third weapon that can be less expensive, easier to distribute and faster to increase compared to competitors.