11/9/2020, 1:35 PM (Source: TeleTrader)
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Oil surges over 8% amid rising vaccine hopes

Oil futures jumped by more than 8% on Monday after Pfizer revealed its vaccine candidate against coronavirus had demonstrated 90% effectiveness in the late-stage trials.

The news led to a rise in optimism regarding the potential end of the pandemic, as well as the recovery from the economic crisis caused by it, which reflected on the stock markets in the United States and Europe.

The West Texas Intermediate (WTI) for deliveries in December rose 8.47% to go for $40.49 per barrel at 1:17 pm CET, while the Brent for settlements in January went up by 7.73% to sell for $42.66 per barrel at 1:18 pm CET.

Breaking the News / JR