Oil Prices Gain 3% on European Recovery Deal

Oil prices surged by more than 3% on Tuesday, reaching its highest level in more than four months.

This comes as the recently announced agreement between the European Union (EU) leaders on the EUR 750 million recovery fund renewed hopes for a strong economic recovery, coupled with positive reports about COVID-19 vaccine trials.

Brent crude futures for September delivery increased by 3.2% to trade at $44.67 per barrel, while the West Texas Intermediate (WTI) futures rose by 3.3% to $42.17 per barrel.