Oil surged about 8% on Monday, its biggest daily gain in more five months, after Pfizer announced promising results for its COVID-19 vaccine.
Brent crude LCOc1 settled at $42.40 a barrel, up $2.95, or 7.48%, while U.S. West Texas Intermediate crude CLc1 settled at $40.29 a barrel, rising $3.15, or 8.48%.
Oil markets also rose after Saudi Arabia suggested it and other oil producers could adjust its current supply-cut pact, perhaps taking more barrels off the market if demand slumps in the winter as infections rise and before the vaccine is widely available.
Fuel demand is down worldwide as a result of the pandemic, and with infections now surpassing 50 million globally, numerous nations, especially in Europe, are reimposing lockdowns to slow the virus’s spread. The vaccine news gave traders hope that the pandemic could be tamped down next year, which would help people resume normal life, boosting demand.
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