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The North Sea oil price rose Tuesday morning to $ 46.56 a barrel, the highest level since the oil collapse in March, according to Reuters.
Around 6 p.m., the price dropped to $ 46.09 a barrel, while a barrel of US light oil traded for $ 43.17.
The increase came after positive news about AstraZeneca’s coronary vaccine and after the Trump administration finally gave incoming US President Joe Biden the green light to begin the transition process.
“Advances in the development and distribution of a vaccine make the path back to normalcy less risky for the oil markets,” analyst Stephen Innes told Reuters.
The vaccine candidate for the manufacturer AstraZeneca and the University of Oxford is 70 percent effective, large-scale tests show.
The vaccine is much cheaper and easier to store than Pfizer and Moderna vaccines, respectively. Therefore, it is also easier to distribute it to all countries in the world.
(© NTB)
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