The price of a barrel of Brent, the benchmark oil for the Algerian Sahara Blend, exceeded the $47 mark on Tuesday, up 4% compared to its price at the opening of the markets thanks to the optimism generated by the prospect of a vaccine capable of ending the the coronavirus pandemic affecting the planet, reports this Tuesday the British newspaper Financial Times.

At 5:25 p.m., Brent was quoted at 47.8%, up 4.41% from yesterday's close. If prices remain as they are, Brent will end the day higher for the 5th consecutive session.

The price of Brent rose by 25% in November alone, and if this figure were to be maintained by the end of the month, it would make November one of the strong monthly increases recorded in recent decades.

The rise in oil prices is explained by the series of announcements by different pharmaceutical companies that the clinical trials of the coronavirus vaccine have brought very encouraging results, with efficacy rates of more than 90%. Many countries such as Germany, France, the United States, Spain and Italy are already refining their plans to launch vaccination campaigns.

The prospect of a vaccine ending the pandemic is seen by markets as "game-changing"," although prices remain below $70 a barrel, where oil was before the pandemic hit the planet.

"The fight against the coronavirus is intensifying and proving more and more successful from week to week," said London-based oil broker PVM, explaining that market participants are rushing to buy oil now as long as prices are lower, leading to an increase in demand and thus a logical increase in prices.

Oil prices are also buoyed by the prospect that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, will extend their agreement to cut production at next week's meeting to offset weak demand during the winter months.

"We continue to consider coordinated action to reduce production to be the optimal action in the short term given the overabundance of still high stocks and the current wave of contamination surprising in its magnitude and intensity," in this context, the American bank Goldman Sachs believes.