Oil Settles at Highest Level Since March

Oil prices closed higher on Monday, opening the week with a positive performance, supported by positive news about Coronavirus vaccines.

Brent crude futures for January delivery surged by $1.10, or 2.5%, to settle at $46.06 per barrel.

This is the highest closing level for the global benchmark active contracts since March 5.

Meanwhile, the West Texas Intermediate (WTI) crude futures for January delivery added 64 cents, or 1.5%, to finish at $43.06 per barrel, ending the session at its highest level since August 26.