Oil prices touched their highest level since March on Tuesday, rising towards $47 a barrel after a raft of positive vaccine news sparked a comeback in one of the sectors hardest hit by the pandemic.
Brent crude, the international benchmark, hit a high of $46.72 a barrel in Asia trading, as traders bet that travel and other energy-intensive industries would pick up in 2021 if coronavirus can be brought under control. The marker is up 24 per cent so far in November, putting it on course for one of its largest monthly percentage gains in recent decades.
Analysts at PVM oil brokerage in London said that traders were increasingly treating the prospect of vaccines as a “game changer” for the energy sector, though prices still remain well below the near $70 a barrel they traded at before the pandemic.
“The fight against the coronavirus is intensifying and is proving to