Vaccine optimism has helped drive the oil price to its highest level since early March.
Brent crude hit a new eight-month high of $48.75 per barrel today, lifted by expectations of stronger demand for energy next year.
US crude has also jumped over 1% today.
This means that Brent crude has surged by around 30% in November alone, following the positive vaccine trial data from Pfizer, Moderna and AstraZeneca.
Jeffrey Halley, senior market analyst at OANDA, said oil was rising “with an orderly Presidential transition in sight, vaccine boosters and expectations that OPEC+ will extend production cuts next week”.