Oil rises to its highest level since March

Oil prices rose around 4% today, to their highest level since March, closing both Brent crude and WTI at their highest levels since March 5, with optimism about the impact of the coronavirus vaccine on the recovery of global oil demand. The Organization of Petroleum Exporting Countries OPEC and its allies are expected to extend the oil production cuts agreement to 2021 after meeting on November 30 to December 1 after technical talks this week to support oil prices. Brent crude futures, the global benchmark, rose $ 1.80, up 3.9% to $ 47.86 a barrel, and U.S. West Texas Intermediate crude futures rose $ 1.85, up 4.3% to $ 44.91 a barrel.