Tag(s):
Oil ,
Vaccine ,
Covid19 ,
Cases ,
Market ,
Petroleum ,
Lifting ,
Markets ,
Coronavirus ,
Energy ,
Optimism
Nov 16, 2020
Oil gained the most in a week amid signals a Covid-19 vaccine is highly effective against the coronavirus, boosting optimism that an uptick in demand may be nearing.
Futures climbed 3% and the Dow Jones Industrial Average briefly touched an intraday record after Moderna Inc. said its vaccine had 94.5% efficacy in a preliminary analysis of a large, late-stage clinical trial. That followed similar positive developments from Pfizer on its vaccination last week, which buoyed risky assets globally. Prices were also supported by a monthly rebound in China’s oil processing.
“This is the news of the day and it’s bullish, so everybody’s buying in,” said Michael Lynch, president of Strategic Energy & Economic Research. Still, “it’s going to be months before a significant portion of the population is vaccinated.” Read more