NEW DELHI: Fuel prices have started crawling up after holding steady for two months as international oil markets rebounded in anticipation of an early recovery in demand following news of a third successful Covid vaccine candidate.
International benchmark Brent on Tuesday hit $46.56 per barrel, the highest in eight months, before closing at $46.40. US benchmark WTI (West Texas Intermediate) too rose to $43.43 a barrel. These are the levels last seen before Saudi Arabia started the price war at the beginning of March.
Crude has been inching up since November and jumped above $40-mark on November 4. Since then, it has been rising steadily as news of vaccines developed by Pfizer, AstraZeneca-Oxford University and Moderna showing above 90% success rates buoyed the market.
