Oil extends gains on brighter demand outlook, Mexico outages | Reuters
Oil prices rose on Tuesday, extending sharp gains on a bullish demand outlook as Mexico suffered a big production outage and U.S. regulators issued their first full approval for a COVID-19 vaccine.
Brent crude oil futures were up 83 cents, or 1.2%, at $69.58 a barrel by 0941 GMT, while U.S. West Texas Intermediate (WTI) gained 68 cents, or 1%, to $66.32.
Both benchmarks jumped more than 5% on Monday, helped by a weaker dollar, after marking their biggest week of losses in more than nine months last week.
"Even though the pandemic resurges and fuels health system concerns, economically harmful containment measures seem rather unlikely, not least as the vaccines prove their merits," Norbert Rucker, analyst at bank Julius Baer said.
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