Oil prices climbed to the highest in more than eight months on Wednesday, after data showed a surprise drop in US crude inventories last week, extending a rally driven by hopes that a Covid-19 vaccine will boost fuel demand. Brent crude rose $0.31, or 0.7%, at $48.17 a barrel adding to a 4% gain the previous session. Still, price gains were capped due to lingering concerns over oil demand. AstraZeneca said on Monday its Covid-19 vaccine could be up to 90% effective, providing another weapon in the fight to control the pandemic. “Crude oil prices are trading at their highest levels since early March, supported by positive market sentiment as a result of vaccine news and strong oil demand in Asia,” said UBS oil analyst Giovanni Staunovo.

Source: The Express Tribune November 26, 2020 03:33 UTC