Oil futures rallied sharply Tuesday, pushing the U.S. benchmark to its highest close for a most actively traded contract since March 5. West Texas Intermediated crude for January delivery /zigman2/quotes/211629951/delayed CL.1 -0.02% rose $1.85, or 4.3%, to end at $44.91 a barrel on the New York Mercantile Exchange. Oil has been in rally mode since early November, rallying in step with equities as investors appeared to look past rising COVID-19 cases in the U.S. and Europe, focusing instead on progress toward a vaccine.
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