Oil jumps nearly 3% to highest level since March on vaccine hopes, EU deal
Oil rose on Tuesday, helped by positive news about vaccine trials and an EU stimulus deal, taking prices to levels last seen when an oil price war erupted in early March between Russia and Saudi Arabia.
Benchmark Brent crude was up $1.37, or 3.17%, at $44.65, on track for its biggest daily rise since mid-June. West Texas Intermediate crude gained 2.82%, or $1.15, to settle at $41.96 per barrel, the highest level since March.
Prices were buoyed by an agreement among European Union leaders on a 750 billion euro ($859 billion) fund to prop up their coronavirus-hit economies, lifting prospects for fuel demand.
Oil prices were also supported by promising coronavirus vaccine data released on Monday, raising confidence that a vaccine may be created even if a global rollout will take time.
Reference: CNBC
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