Oil prices rose today, and Brent barrels were traded above $ 47 for the first time since March 6, 2020, as news of a promising third vaccine against Corona supported hopes for a faster recovery in oil demand.

By 17:38 Moscow time, Brent crude futures rose 2.43% to $ 47.12 a barrel, registering the highest level since last March.

Whereas, US crude futures, "West Texas Intermediate", increased by 2.83% to $ 44.28 a barrel.

"The progress in developing and distributing a vaccine reduces the risks on the path to return to normal for the oil markets," said Stephen Ins, senior global market analyst at Axi Financial Services.

AstraZeneca said yesterday that its vaccine is 70% effective in basic trials and its effectiveness may rise to 90%, giving the global war against the pandemic a third weapon that can be less expensive, easier to distribute and faster to increase compared to competitors.

Source: Agencies

By:Nadeemy Haded