On Tuesday, WTI crude oil prices are hovering close to the highest levels seen in three months due to optimism surrounding a third possible vaccine to combat the COVID-19 pandemic which could help improve oil demand quickly. At the time of writing, WTI crude oil is trading at around $43.47 per barrel.

WTI crude oil had gained around 2% during the previous session after AstraZeneca reported that its vaccine against COVID-19 was 70% effective in pivotal trials which could go up to 90% efficiency. Previously, Pfizer and Moderna had also announced promising results from their vaccine trials, helping improve the mood in markets and bringing hopes for speedy economic recovery.

Crude oil also received a boost after US President Donald Trump permitted officials to begin the process of transition to President elect Joe Biden and his team. This comes after weeks of uncertainty following the November 3 presidential election, the results of which Trump is still trying to challenge legally.

Later today, WTI oil prices could see some movement on the release of crude inventories’ report from the API. According to a Reuters poll, crude stockpiles in the US are expected to have declined in the past week and distillate stockpiles could have fallen for the 10th consecutive week.