Oil prices extended gains on Tuesday, with Brent crude rising to the highest level since March amid hopes of demand recovery following reports of positive trials for COVID-19 vaccine, while US President-elect Joe Biden received the go-ahead to begin the transition.
The US General Services Administration has informed the Democrat President-elect that the transfer of power may formally begin, before he takes office on Jan. 20, 2021.
Meanwhile, reports of successful vaccine trials for COVID-19 have shored up demand recovery hopes. So far, drugmakers Pfizer/BioNTech, Moderna and AstraZeneca have reported positive trial results.
In terms of trading, Brent crude was up 1.1% at $46.57 – the highest since March – at 8.50 am Makkah time.
WTI crude also rose 1.3% to $43.61 a barrel.
US oil inventories estimates are due to be released by the American Petroleum Institute later today.
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