Oil surged to $47 a barrel Tuesday, its highest level since in March on Tuesday, due to AstraZeneca's promising coronavirus vaccine that spurred demand recovery hopes and US President-elect Joe Biden's transition to the White House.
AstraZeneca said its COVID-19 shot was 70 percent effective in trials and could be up to 90 percent effective.
Vaccines from Pfizer/BioNTech and Moderna have earlier recorded positive results against the coronavirus.
Brent crude gained 45 cents, or 1 percent, to $46.51 a barrel in morning trade and hit $46.72, its highest since March 6.
Meanwhile, US West Texas Intermediate crude jumped 47 cents, or 1.1 percent, to $43.53.
According to Tamas Varga of broker PVM, he expects next year’s oil demand estimates to be amended upwards as the fight against the coronavirus is intensifying and is proving to be increasingly successful.
Also boosting oil and financial markets was the US transitioning to a Joe Biden presidency.


Trump’s Inflation Claims Clash With Voters’ Cost-of-Living Reality
Thailand Inflation Remains Negative for 10th Straight Month in January
Singapore Budget 2026 Set for Fiscal Prudence as Growth Remains Resilient
Dollar Near Two-Week High as Stock Rout, AI Concerns and Global Events Drive Market Volatility
South Korea’s Weak Won Struggles as Retail Investors Pour Money Into U.S. Stocks
Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns
Gold and Silver Prices Slide as Dollar Strength and Easing Tensions Weigh on Metals
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target
Trump Signs Executive Order Threatening 25% Tariffs on Countries Trading With Iran
Japan Economy Poised for Q4 2025 Growth as Investment and Consumption Hold Firm
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices
Dow Hits 50,000 as U.S. Stocks Stage Strong Rebound Amid AI Volatility
U.S.-India Trade Framework Signals Major Shift in Tariffs, Energy, and Supply Chains
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off
Trump Endorses Japan’s Sanae Takaichi Ahead of Crucial Election Amid Market and China Tensions
Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility 



