Benchmark Brent oil rose to a more than two-month high above $45 a barrel on Wednesday on hopes of an effective COVID-19 vaccine and an industry report showing US crude inventories fell more than expected.
Brent was up $1.41, or 3.2%, at $45.02 at 1118 GMT, the first time it cleared the $45 threshold since early September. US West Texas Intermediate (WTI) crude also added $1.41 cents, or 3.4%, to $42.77 a barrel.
Both benchmarks had gained nearly 3% on Tuesday.
“This week’s news about a coronavirus vaccine was encouraging and, alongside short-covering activity, strongly supported oil prices on Monday and Tuesday,” said Giovanni Staunovo, oil analyst for UBS.
