* AstraZeneca says COVID-19 vaccine can be 90% effective
* Trump, officials give nod to formal Biden transition
* OPEC experts meet ahead of next week's crucial gathering
* Coming up: API inventory report, 2130 GMT
(Updates prices, adds quote, previous SINGAPORE)
By Alex Lawler
LONDON, Nov 24 (Reuters) - Oil hit its highest since March
on Tuesday, rising towards $47 a barrel, as a third promising
coronavirus vaccine spurred hopes of a quicker recovery in
economic growth and oil demand next year.
AstraZeneca said on Monday its COVID-19 shot was 70%
effective in trials and could be up to 90% effective, giving the
fight against the pandemic a third vaccine. This follows
positive results from Pfizer/BioNTech and Moderna.
Brent crude rose 31 cents, or 0.7%, to $46.37 a
barrel by 0914 GMT and hit a session high of $46.72, its highest
since March 6.
U.S. West Texas Intermediate crude gained 32 cents,
or 0.7%, to $43.38.
"The fight against the coronavirus is intensifying and is
proving to be increasingly successful," said Tamas Varga of
broker PVM. "Next year's oil demand estimates are bound to be
amended upwards."
This is Brent's highest since a Saudi Arabia-Russia price
war just as demand was starting to crater due to the pandemic in
March sent prices crashing. Both benchmarks settled up about 2%
on Monday after gaining about 5% last week.
Also supporting oil and wider financial markets, U.S.
President Donald Trump on Monday allowed officials to proceed
with a transition to Joe Biden's administration.
"With a Biden presidency perceived as more international
trade-friendly, markets have assumed that consumption in 2021
will rise again," said Jeffrey Halley of brokerage OANDA.
Expectations that U.S. crude inventories edged lower last
week also added support. The first of this week's U.S. supply
reports is due at 2130 GMT from the American Petroleum
Institute.
After the price war in March, the Organization of the
Petroleum Exporting Countries and allies led by Russia, a group
known as OPEC+, agreed to record high output cuts to support
prices.
OPEC+ is expected to roll over current cuts into 2021 at
meetings on Nov. 30-Dec. 1, following technical talks this week.
(Additional reporting by Jessica Jaganathan; editing by Jason
Neely)