Brent Climbs to Four-Month High on Signs of Economic Recovery
- Global benchmark crude settles over $44 first time since March
- The API reported a 7.5 million barrel build in U.S. supplies
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Oil settled at the highest level since early March in London as indications of an economic recovery from the coronavirus pandemic helped drive a rally in commodities.
Both Brent and West Texas Intermediate crude futures jumped more than 2% during Tuesday’s session. European Union leaders agreed on an unprecedented stimulus package to pull their economies out of the worst recession in memory. At the same time, European regulators are eyeing a potential approval of the first Covid-19 vaccine this year, further adding to the positive sentiment.