Crude oil hits four-month high

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Oil prices rose more than 3% during today's session, with WTI futures around $42.36 a barrel and Brent crude near $44.80 a barrel boosted by optimism over a potential coronavirus vaccine and a EU stimulus package. Also prospects for renewed stimulus from the U.S. government increased the appetite for riskier assets.

In the afternoon, the American Petroleum Institute will release its weekly report. Previous reading showed a decline of 7.5 million barrels which was the sharpest drop recorded so far this year, and another similar number would be taken as a clear sign tha the U.S. fuel demand is recovering. As for today analysts' expect a decline of 1.95 million barrels.

Crude oil (OIL.WTI) prices rose to their highest in over four months on Tuesday. Should upbeat moods prevail, resistance at 43.00 per barrel s may come into play. Source:xStation5

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