Oil prices hit highest since March on vaccine and Biden transition

LONDON (Reuters) – Oil hit its highest since in March on Tuesday, rising above $47 a barrel as a third promising coronavirus vaccine raised demand recovery hopes and U.S. President-elect Joe Biden received the go-ahead to begin his transition.

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

Brent crude rose $1.16, or 2.5%, to $47.22 a barrel by 1445 GMT and hit a session peak of $47.23, its highest since March 6. U.S. West Texas Intermediate crude gained 88 cents, or 2%, to $43.94.