KONTAN.CO.ID - SINGAPORE. Brent crude prices hit their highest levels since March as news of a third promising vaccine candidate spurred hopes of a quick recovery in oil demand, while U.S. President-elect Joe Biden received the go-ahead to begin his presidential transition. Brent crude futures rose 34 cents, or 0.7%, to $46.40 a barrel by 0323 GMT, while U.S. West Texas Intermediate crude added 38 cents, or 0.9%, to $43.43 a barrel. Brent crude oil rose to a session high of $46.56 earlier, the highest level traded since early March before Saudi Arabia initiated a price war with Russia, which sent oil prices crashing. Both oil benchmarks settled up about 2% on Monday after gaining about 5% last week.
Brent hits highest since March, spurred by coronavirus vaccine hopes
KONTAN.CO.ID - SINGAPORE. Brent crude prices hit their highest levels since March as news of a third promising vaccine candidate spurred hopes of a quick recovery in oil demand, while U.S. President-elect Joe Biden received the go-ahead to begin his presidential transition. Brent crude futures rose 34 cents, or 0.7%, to $46.40 a barrel by 0323 GMT, while U.S. West Texas Intermediate crude added 38 cents, or 0.9%, to $43.43 a barrel. Brent crude oil rose to a session high of $46.56 earlier, the highest level traded since early March before Saudi Arabia initiated a price war with Russia, which sent oil prices crashing. Both oil benchmarks settled up about 2% on Monday after gaining about 5% last week.