Industry

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.


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Printable version | Aug 5, 2021 11:27:32 PM | https://www.thehindu.com/business/Industry/oil-jumps-on-vaccine-hopes-opec-signals/article33060696.ece

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