Oil trades near 3-month highs amid vaccine hopes

Tuesday, 24. November 2020 04:41

Crude futures traded higher with Brent topping $46 per barrel first time since early September as more positive coronavirus vaccine news boosted hopes of recovery in oil demand. After Pfizer and Moderna reported around 95% efficacy of their respective vaccines, AstraZeneca said its vaccine candidate has the potential to achieve a 90% efficacy rate.

Elsewhere, United States President-elect Joe Biden was informed by the General Services Administration (GSA) that he can formally begin the presidential transition and will have access to federal funding for it.

Brent for January delivery rose 0.74% to sell for $46.40 per barrel at 10:24 pm ET and West Texas Intermediate (WTI) for settlements in January climbed 0.88% to go for $43.44 per barrel at 10:23 pm ET.

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Breaking the News / NP