Oil jumps on vaccine hopes, OPEC+ signals

Oil prices jumped by close to 10% on Monday for its biggest daily gain in almost six months after news of a highly effective vaccine against COVID-19 and Saudi Arabia’s assurance that an OPEC+ oil output deal could be adjusted to balance the market.

Brent crude was up $3.37, or 8.5%, to $42.82 a barrel at 7:32 p.m. IST.

“Oil and other risk assets are reacting positively today to the Pfizer vaccine news,” said BNP Paribas analyst Harry Tchilinguirian. Oil prices also found support from a weaker U.S. dollar on the back of Joe Biden’s victory, said UBS oil analyst Giovanni Staunovo.

Our code of editorial values

Related Topics
This article is closed for comments.
Please Email the Editor

Printable version | Aug 5, 2021 11:27:32 PM |

Next Story