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Crude oil prices rose sharply and lifted the most active futures contract to their highest close since March on Tuesday.

Easing concerns about energy demand on the back of recent upbeat updates on potential coronavirus vaccine, and increasing prospects for a fiscal stimulus soon following U.S. President-elect Joe Biden beginning his transition to the White House.

According to reports, Biden has picked former Federal Reserve Chair Janet Yellen as Treasury Secretary.

West Texas Intermediate Crude oil futures for January settled stronger by $1.85 or about 4.3% at $44.91 a barrel, after scaling a high of $45.20 in the session.

Brent crude futures were up $1.70 or 3.7% at $47.74 a barrel a little while ago.

Traders were also betting on hopes the OPEC and its allies will discuss extending oil output curbs into next year, aiming to balance the market.

The American Petroleum Institute (API) will be releasing its weekly oil report later today, while the Energy Information Administration (EIA) will release its inventory data Wednesday morning.


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