Oil price rising on demand optimism and vaccine breakthrough

Bright outlook: An aerial view of a Bank of America buidling in Las Vegas, Nevada. The banks says that global benchmark Brent crude could reach US$60 a barrel by the summer of 2021, as the easing of travel restrictions boosts demand for fossil fuel. — AFP

SINGAPORE: Oil kept rising after closing at a eight-month high on increasing optimism that recent Covid-19 vaccine breakthroughs will lead to a swift recovery in global energy demand next year.

Futures in New York climbed around 1% to trade above US$45 a barrel as a broader financial markets rally continued. Global benchmark Brent crude could reach US$60 a barrel by the summer of 2021, as the easing of travel restrictions boosts demand for fossil fuels, according to Bank of America Corp.