Oil prices keep rising after eight-month high on demand optimism
Oil kept rising after closing at a eight-month high on increasing optimism that recent Covid-19 vaccine breakthroughs will lead to a swift recovery in global energy demand next year.
Futures in New York climbed around 1 per cent to trade above $45 a barrel as a broader financial markets rally continued. Global benchmark Brent could reach $60 a barrel by the summer of 2021 as the easing of travel restrictions boosts demand for fossil fuels, according to Bank of America.
In another positive sign for consumption, Premier Li Keqiang said China, the world’s biggest oil importer, will likely return to a more “proper” range of economic development in 2021. China and Japan also agreed to restart some two-way travel by the end of November.
