Oil hits highest level since March on vaccine, Biden transition

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Wed, 2020-11-25 00:59

LONDON: Oil hit its highest level since in March on Tuesday, rising toward $47 a barrel, as a third promising coronavirus vaccine spurred demand recovery hopes and US President-elect Joe Biden received the go-ahead to begin his transition.

AstraZeneca said on Monday its COVID-19 shot was 70 percent effective in trials and could be up to 90 percent effective, giving the fight against the pandemic a third vaccine. This follows positive results from Pfizer/BioNTech and Moderna.

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