Oil rises 2%, Brent crude nears $46

Oil prices extended gains on Monday as successful COVID-19 trials boosted hopes for a recovery in crude demand.

British drug manufacturer AstraZeneca said its vaccine for COVID-19, developed along with the University of Oxford, could be around 90% effective under one dosing regimen.

International benchmark Brent crude was trading up 2.3% at $45.95 per barrel, at 11.35 am Makkah time.

WTI crude also rose 2% to $43.28 a barrel.

Positive sentiment continues to be driven by the recent good news about the efficacy of coronavirus vaccines in development and the expectation that the OPEC+ meeting at the end of this month could see the group extend current cuts by three to six months, Reuters reported, citing Stephen Innes, Chief Global Markets Strategist at axi.