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10/18, 7:46 AM (Source: TeleTrader)
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Oil jumps on recovery optimism, WTI hits 7-year high

Prices of oil futures rose over 1% on Monday, with Brent reaching its 3-year high and West Texas Intermediate (WTI) climbing to the price it last stood at in October 2014.

The optimism amid investors was seemingly boosted by announcements of COVID-19 containment measures relaxations, as well as developments related to the coronavirus vaccine.

Brent for December deliveries was up by 1.19% at 1:35 am ET to go for $85.86 per barrel. West Texas Intermediate (WTI) for settlements in November jumped 1.59% to sell for $83.59 at the same time.

Baha Breaking the News (BBN) / BU