Oil gains 1% on potential OPEC+ rethink and vaccine hopes | Reuters

Oil gains 1% on potential OPEC+ rethink and vaccine hopes | Reuters

Oil prices firmed by about 1% on Wednesday on hopes OPEC and its allies will delay a planned increase in oil output and after Pfizer said its COVID-19 vaccine was more effective than previously reported.

The market was also supported by a smaller-than-expected increase in U.S. crude stockpiles last week.

Brent crude LCOc1 rose 59 cents, or 1.4%, to settle at $44.34 a barrel while U.S. West Texas Intermediate crude CLc1 gained 39 cents, or 0.9%, to end the session at $41.82.

Both contracts jumped by about $1 after Pfizer Inc PFE.N said that final results from late-stage trial of its vaccine showed it was 95% effective. Last week it had put the efficacy at more than 90%.

Moderna Inc MRNA.O on Monday said that preliminary data for its vaccine also showed it was almost 95% effective.