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COVID vaccine hopes lift oil prices to 8-month high

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Oil hit its highest since March on Tuesday, rising towards $47 a barrel, as a third promising coronavirus vaccine spurred hopes of a quicker recovery in economic growth and oil demand next year.

AstraZeneca said on Monday its COVID-19 shot was 70% effective in trials and could be up to 90% effective, giving the fight against the pandemic a third vaccine. This follows positive results from Pfizer/BioNTech and Moderna.

Also supporting oil and wider financial markets, US President Donald Trump on Monday allowed officials to proceed with a transition to Joe Biden’s administration.

READ  UAE petrol prices to rise in February

OPEC+ is expected to roll over current cuts into 2021 at meetings on Nov. 30-Dec. 1, following technical talks this week.

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