Oil rises as full U.S. clearance for COVID-19 vaccine stokes demand hopes | Reuters

Oil rises as full U.S. clearance for COVID-19 vaccine stokes demand hopes | Reuters

Oil prices rose on Tuesday after the U.S. drug regulator granted full approval to the Pfizer Inc/BioNTech SE COVID-19 vaccine, stoking investor hopes that higher fuel demand would follow a potential rise in U.S. coronavirus vaccination rates.

Brent crude oil futures were up 46 cents, or 0.7%, to $69.21 a barrel by 0648 GMT, while U.S. West Texas Intermediate (WTI) had gained 34 cents, or 0.5%, to $65.98.

Both benchmarks jumped more than 5% on Monday, helped by a weaker U.S. dollar, after marking their biggest week of losses in more than nine months last week.

The U.S. Food and Drug Administration (FDA), which last December authorised the Pfizer/BioNtech two-dose vaccine for emergency use, has now issued full approval for use in people age 16 and older. read more