Oil prices rose on Tuesday as hopes that a COVID-19 vaccine could be on the horizon outweighed the expected negative impact on fuel demand from new lockdowns to contain the virus.
Brent crude futures rose 65 cents to $43.05, while U.S. West Texas Intermediate crude futures gained 68 cents to $40.97.
Both contracts jumped eight per cent on Monday, their biggest daily gains in more than five months, after drugmakers Pfizer and BioNTech said their experimental COVID-19 treatment was more than 90 per cent effective based on initial trial results.
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