8/24, 9:04 PM (Source: TeleTrader)
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Oil accelerates gains, jumps 3%

Prices of oil rose further on Tuesday, building on gains registered the day before and earlier in the day. The increase came amid optimism prompted by the full approval of Pfizer's COVID vaccine in the United States.

In business news, BP plc will form a standalone company in Iraq, after it was given regulatory approval by Baghdad to spin off its operations in the country.

Brent for October surged 13.47% to sell for $71.17 per barrel at 2:53 pm ET and West Texas Intermediate (WTI) for the same month rallied 3.17% to go for $67.7 per barrel at the same time.

Breaking the News / BU