|
AstraZeneca said on Monday its COVID-19 shot was 70% effective
in trials and could be up to 90% effective, giving the fight
against the pandemic a third vaccine. This follows positive
results from Pfizer/BioNTech and Moderna.
Brent crude rose 45 cents, or 1%, to $46.51 a barrel by 1110 GMT
and hit a session high of $46.72, its highest since March 6.
U.S. West Texas Intermediate crude gained 47 cents, or 1.1%, to
$43.53.
"The fight against the coronavirus is intensifying and is
proving to be increasingly successful," said Tamas Varga of
broker PVM. "Next year's oil demand estimates are bound to be
amended upwards."
This is Brent's highest since the collapse of an earlier
OPEC-led output pact, just as demand was starting to crater in
March due to the developing pandemic, sent prices crashing.
Also supporting oil and wider financial markets, U.S. President
Donald Trump on Monday allowed officials to proceed with a
transition to Joe Biden's administration.
"In the short-term, this is good for markets in general as well
as for the oil market," said Bjarne Schieldrop of SEB.
Expectations that U.S. crude inventories edged lower last week
also added support. The first of this week's U.S. supply reports
is due at 2130 GMT from the American Petroleum Institute.
After the previous output pact collapsed leading to a brief
Saudi Arabia-Russia price war, OPEC and allies agreed to record
high output cuts to support prices.
OPEC+, as the group is known, is expected to roll over current
cuts into 2021 at meetings on Nov. 30-Dec. 1, following
technical talks this week.
(Additional reporting by Jessica Jaganathan; editing by Jason
Neely and Louise Heavens)
[© 2020 Thomson Reuters. All rights
reserved.] Copyright 2020 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
