Crude oil prices rose on news of a third successful Covid-19 vaccine trial and the Trump administration's go-ahead for U.S. President-elect, Joe Biden, to begin his power.
The international benchmark for oil prices, Brent Crude futures, were up 0.1 percent to USD 46.09 per barrel on Tuesday after closing 2 percent higher on the previous day and 5 percent in the previous week. Fuel prices in India were raised for the fifth consecutive day on Tuesday, led by gains in international oil prices.
Petrol price per liter in New Delhi was up 6 paise to Rs 81.59 and diesel price rose 16 paise to Rs 71.41 per liter in the capital city. Traders also focused on a week of technical meetings by the Organization of the Petroleum Exporting Countries and its allies to prepare the ground for next week's ministerial gathering to discuss extending oil output curbs into next year due to weak demand amid the second wave of COVID-19. Astra Zeneca stated on Monday that its coronavirus vaccine was 70 percent effective in pivotal trials and could be up to 90 percent effective. While it is the third vaccine option, after results of Pfizer-BioNTech and Moderna were announced earlier this month.
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