Oil futures climb around 9% on vaccine and OPEC news
by ChemOrbis Editorial Team - content@chemorbis.com
Oil markets showed a knee-jerk reaction to the news that after Pfizer reportedly said its COVID-19 vaccine was effective during intra-day session on Monday.
The easing uncertainty over the US elections after John Biden declared his winning and Saudi Arabia’s statement that OPEC and its allies may adjust their output cuts to smoothen supply-demand woes related to the COVID-19 outbreak contributed to the optimistic scene.
At the time of writing, WTI and Brent crude oil futures were trading around 9% higher from the previous close at $40.75/bbl and $42.85/bbl, respectively.
The easing uncertainty over the US elections after John Biden declared his winning and Saudi Arabia’s statement that OPEC and its allies may adjust their output cuts to smoothen supply-demand woes related to the COVID-19 outbreak contributed to the optimistic scene.
At the time of writing, WTI and Brent crude oil futures were trading around 9% higher from the previous close at $40.75/bbl and $42.85/bbl, respectively.
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