NEW YORK, Dec. 16 (Xinhua) -- The recent increase of crude oil futures prices to the highest level since early March was mostly driven by upbeat sentiment around COVID-19 vaccines but not market fundamentals, according to multiple research institutions and firms.
The understandable euphoria around the start of the vaccination program partially explains higher oil prices but it will be several months before the advent of mass inoculation to economically active people and relevant impact on oil demand, said a monthly oil report released by the International Energy Agency (IEA) on Tuesday.
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