One barrel of European benchmark oil Brent hit a price of USD 44.52 on Tuesday, surpassing rates from the last four months – more than double as much as only three months back. When the coronavirus began to spread around the world in the spring and the largest oil exporters couldn't reach an accord on how to handle to associated decline in demand, prices took a steep dive.

According to oil analyst Nadia Martin Wiggen, the recent price rebound is a sign of renewed hopes for a Covid-19 vaccine – and it also helps that EU member states have agreed to an economic recovery package.