Crude oil prices hit 8-month highs on improving risk sentiment

Crude oil prices are trading at the highest levels since March on positive news related to Covid-19 vaccine and diminishing concerns over weak demand next year. Fundamental analysis: Improving risk sentiment  Crude oil prices gained on the announcements from three major drugmakers including Pfizer-BioNTech, Moderna and Oxford that the coronavirus vaccine rollouts could begin in December.  “Despite a number of strong fundamentals rallying the markets, especially vaccine development supporting oil, bearish concerns remain,” said Avtar Sandu, senior commodities manager at Phillip Futures. Sandu cited various risk factors for the buyers including the reintroduction of lockdown measures amid the second wave,