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Oil Prices Increase Near 5-Month High

Oil prices increased on Tuesday at around 04:15 AM GMT, with WTI crude hovering near five month-high of around $43 a barrel, while Brent crude gaining 1.1% to $45.76 a barrel, supported by efforts from major oil producers to control output as well as hopes for the latest development of COVID-19 vaccines.

Bloomberg News reported that AstraZeneca had begun a large-scale human trial of its virus vaccine in the US, with planning to enroll 30,000 participants in a late-stage study.

Sentiment was also boosted by a private survey reporting manufacturing in China expanded the most since the start of 2011 in August, amid strong momentum of economic recovery.

However, concerns over a rise in global coronavirus infections persisted as it could slow a recovery in oil demand.

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About Babajide Iletogun

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