Black gold continued to strengthen on Tuesday following market sentiment backed by expectations that the coronavirus vaccine would be distributed soon and hopes for OPEC + to further reduce crude oil production.
Expectations that the United States will receive the vaccine by the middle of next month have somewhat eased market concerns over the recovery of global crude oil demand weakened by the Covid-19 crisis.
Meanwhile, AstraZeneca said on Monday that the Covid-19 vaccine being developed has an effectiveness of 70% in its trials and has the potential to increase by 90%.
In addition, the publication of US economic data showing the manufacturing and services sectors growing at the fastest pace in November has also supported the commodity trade.
Entering the European session, Brent crude futures traded at their highest level since early March, rising 1.1% to $ 46.59 a barrel. While the US WTI jumped 1.3% to $ 43.64 a barrel, not far from its 3-month high.
Traders are currently focusing on a technical meeting by OPEC and its allies next week (November 30-December 1) that will decide whether or not to extend their commitment to cut crude oil production.
