Oil prices rose by 4% upon settlement of transactions, to record crude the highest settlement since last March, with support for efforts to develop a possible vaccine against the corona pandemic and political developments in the United States.
The black gold received support from the announcement of three companies to develop highly effective vaccines against the coronavirus, but it is still awaiting regulatory approval in the coming weeks to start distributing it globally.
The US General Services Administration has informed Democratic President-elect Joe Biden that the transition of power could officially begin before he takes office on January 20, 2021.
Investors awaited the release of preliminary data on oil stocks in the United States from the American Petroleum Institute later in the day, before the Energy Information Administration releases official data on Wednesday.
Upon settlement, futures contracts for Brent crude for January delivery rose by 3.7%, equivalent to $1.72, to reach $ 47.78 a barrel.
US "Nymex" crude contracts for January delivery rose by 4.3%, equivalent to $1.85, to reach $ 44.91 a barrel, the highest close since March.
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