WASHINGTON (dpa-AFX) - Oil prices rose more than 1 percent on Tuesday to extend gains from the previous session as positive news about a potential coronavirus vaccine raised hopes of a swifter global economic recovery.
Benchmark Brent crude climbed 1.4 percent to $42.98 per barrel, while West Texas Intermediate crude futures were up 1.1 percent at $40.73.
After Pfizer reported that its coronavirus vaccine is more than 90 percent effective, U.S. President-elect Joe Biden heralded the positive new development in the race for a vaccine, but said it will still be several months before most of the country is inoculated.
The results were based on the first interim efficacy analysis conducted on November 8, 2020 by an external, independent Data Monitoring Committee from the phase 3 clinical study. The Committee has not reported any serious safety concerns.
Markets are also reacting to reports suggesting that OPEC and its Russia-led allies would roll over the current cuts for another quarter to the end of March to balance the market.
Saudi Arabia's Energy Minister, Prince Abdulaziz bin Salman, said on Monday that the current deal could be tweaked if there was consensus among members of the group.
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