Oil prices rose on Tuesday, with Brent crude prices reaching their highest levels since March during intraday deals, as encouraging developments related to coronavirus vaccines and news that Joe Biden’s administration can formally begin its transition to power after President Trump helped stoked demand recovery hopes.
A possible easing of lockdowns in France and media reports suggesting that Biden would pick former Federal Reserve Chair Janet Yellen to be the next Treasury secretary also helped underpin investor sentiment.
Brent crude futures rose 34 cents, or 0.7 percent, to $46.40 a barrel, while U.S. West Texas Intermediate crude added 38 cents, or 0.9 percent, to $43.43 a barrel.
Brent crude oil hit a high of $46.56 earlier in the day, the highest level traded since early March before Saudi Arabia initiated a price war with Russia.
Traders, meanwhile, remained focused on a week of technical meetings by OPEC and its allies to prepare the ground for next week’s ministerial gathering, which will discuss extending oil output curbs into next year.