Brent hits highest since March, spurred by coronavirus vaccine hopes

Brent crude prices hit their highest levels since March as news of a third promising coronavirus vaccine candidate spurred hopes of a quicker recovery in oil demand, while U.S. President-elect Joe Biden received the go-ahead to begin his leadership transition.

Brent crude futures rose 45 cents, or 1%, to $46.51 a barrel by 0744 GMT, while U.S. West Texas Intermediate crude added 46 cents, or 1.1%, to $43.52.

Brent rose to a session high of $46.72 earlier on Tuesday, the highest level traded since early March before Saudi Arabia initiated a price war with Russia, which sent oil prices crashing. Both oil benchmarks settled up about 2% on Monday after gaining about 5% last week.