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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