Oil prices rose on Tuesday as high hopes that a COVID-19 vaccine could be on the horizon were enough to cancel out fears that fuel demand is set to weaken in the near term in coronavirus-hit countries in Europe and the United States.

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Oil prices rose more than 2% on Monday, with Brent futures topping $40 a barrel, after Joe Biden clinched the U.S. presidency and buoyed risk appetites, offsetting worries about the impact on demand from the worsening coronavirus pandemic.

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British wholesale gas prices fell on Friday morning driven by lower demand amid milder weather and fresh lockdowns across Europe to halt the spread of COVID-19.

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Oil fell more than 1% on Friday as new lockdowns in Europe to halt surging COVID-19 infections sparked concern about the outlook for demand, while markets remained on edge over drawn-out vote counting in the U.S. election.

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Oil dropped on Thursday as Democrat Joe Biden edged closer to the White House in a nail-biting U.S. presidential election, but the Republicans look likely to retain Senate control, decreasing the chances of any huge COVID-19 relief package.

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British wholesale gas prices fell on Wednesday morning on a strongly oversupplied system.

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Oil was largely steady on Wednesday after President Donald Trump falsely claimed victory in a tight U.S. election, despite millions of votes still to be counted and the final result not yet clear.

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Oil prices fell 4% on Monday on worries that widening coronavirus lockdowns in Europe would weaken fuel demand and amid concerns about turbulence over this week’s U.S. presidential election.

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