Brent Rises to Highest Level Since March

Brent crude prices reached their highest levels since March, as news of a promising third Coronavirus vaccine supported hopes for a faster recovery in oil demand, while US President-elect Joe Biden received the green light to start the transition process for his leadership.

By 07:44 GMT, Brent crude futures increased 45 cents a barrel, equivalent to 1%, to $ 46.51 a barrel, and US West Texas Intermediate crude rose 46 cents, or 1.1%, to $ 43.52 a barrel.

Earlier in the day, Brent rose to a session high of $ 46.65, the highest price traded since early March, before Saudi Arabia beat the drums of a price war with Russia, which led to the collapse of oil prices.

Both benchmarks were settled up nearly 2% on Monday, after an increase of nearly 5% last week.