Crude oil prices scaled $47 per barrel on Tuesday, the highest since March this year. This came as a third promising coronavirus vaccine raised demand recovery hopes and U.S. President-elect Joe Biden received the go-ahead to begin his transition, according to Reuters.

AstraZeneca on Monday said that its COVID-19 shot was 70% effective in trials and could be up to 90% effective, giving the fight against the pandemic a third potential vaccine after positive results from Pfizer-BioNTech and Moderna.

Brent crude rose $1.16, or 2.5%, to $47.22 a barrel by 1445 GMT and hit a session peak of $47.23, its highest since March 6. U.S. West Texas Intermediate crude gained 88 cents, or 2%, to $43.94, Reuters reported.

“The fight against the coronavirus is intensifying and is proving to be increasingly successful,” said Tamas Varga of broker PVM. “Next year’s oil demand estimates are bound to be amended upwards.”

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Source: SweetCrudeReports