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Oil prices at highest in a year as traders bet on vaccine-fuelled recovery Tom Belger McKittrick, California, CALIFORNIAAPRIL 29, 2020There are over 1,100 producing oil wells in the McKittrick oil field, just north of the town of McKittrick on Cal. State Route 33. With the falling price of oil, some pumpjacks that need repair are being left idle. (Carolyn Cole/Los Angeles Times via Getty Images)
Benchmark oil prices hit their highest level in more than a year on Tuesday, as traders bet on a vaccine-fuelled recovery in global demand.
Production cuts and a rally on wider financial markets this week also saw investors pile into the sector, despite BP (BP.L) posting its first annual loss in a decade.