(Bloomberg) -- Oil kept rising after closing at a eight-month high on increasing optimism that recent Covid-19 vaccine breakthroughs will lead to a swift recovery in global energy demand next year.Futures in New York climbed more than 1% to trade above $45 a barrel as a broader financial markets rally continued. Global benchmark Brent crude could reach $60 a barrel by the summer of 2021 as the easing of travel restrictions boosts demand for fossil fuels, according to Bank of America Corp.In another positive sign for consumption, Premier Li Keqiang said China, the world’s biggest oil importer, will likely return to a more “proper” range of economic development in 2021. China and Japan also agreed to restart some two-way travel by the end of November.Crude surged 4.3% in New York on Tuesday after the triggering of a formal transition to U.S. President-elect Joe Biden. The process, which gives investors more certainty about the political situation in the world’s largest economy, pushed the S&P 500 Index to an all-time high.Oil’s value has increased by more than a quarter this month amid positive results for three Covid-19 vaccines, reclaiming heights not seen since the pandemic devastated global demand in March even as a resurgent virus prompted more lockdown measures. Expectations that OPEC and its allies will delay an increase in production planned for January have also aided the rally.The investor mood has been lifted by the developments around vaccines and the likely extension of the OPEC+ output cuts, said Daniel Hynes, a senior commodity strategist at Australia & New Zealand Banking Group Ltd. “The market is fairly well-priced and should continue gains in the coming days.”Goldman Sachs Group Inc. said in a note that it expects OPEC+ to delay its planned 2 million barrel a day output ramp-up by three months. It forecast Brent would average $47 a barrel next quarter if this happens.See also: Oil Curve Flips Most Bullish in Months After Vaccine RallyThe optimism is reshaping oil’s forward curves. Brent’s prompt timespread and the so-called WTI red spread -- which measures futures for December of next year to December 2022 -- have both flipped to backwardation this week, a bullish signal that suggests the market may be moving into deficit.While oil prices are rising on vaccine developments, the pandemic’s effects are still being felt by refiners. Total SE said it will halt its Donges refinery in France for a few months as it’s currently unprofitable due to weak demand. Several refineries in the U.S. have shut because of the collapse in fuel demand, although the situation looks more positive in Asia.The American Petroleum Institute, meanwhile, reported crude inventories swelled by 3.8 million barrels, according to people familiar with the data. That would be the third straight week of rising stockpiles if confirmed by government figures due later on Wednesday. Inventories probably rose by 225,000 barrels last week, according to the median estimate in a Bloomberg survey before the official Energy Information Administration data.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.