Oil Rises Amid Hopes of Vaccine and Deal

Oil prices rose on Tuesday, supported by positive news about the trials of the Covid-19 vaccine and the recovery fund agreement reached by European Union leaders, but gains were limited by fear of new lockdowns that may be a barrier to the recovery of demand for oil.

Brent crude futures for September delivery are trading at $ 43.83 a barrel, up by 1.3%, while US crude oil futures for August delivery rose 0.9% to $ 41.18 a barrel.

Besides the EU agreement for a € 750 billion recovery fund to support economies from the effects of Covid-19, there was also support from promising news about the Covid-19 vaccine trials.