11/23/2020, 11:35 AM (Source: TeleTrader)
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Oil prices trade higher on vaccine progress

Oil prices climbed on Monday, driven higher primarily by optimism over recent coronavirus vaccine developments investors hope will alleviate demand concerns.

As the world struggled with the second wave of the crippling pandemic in November, Pfizer and Moderna announced their respective COVID-19 vaccine candidates were shown to be about 95% effective in preventing the novel virus. Earlier today, the vaccine co-developed by AstraZeneca and Oxford University also demonstrated the potential to achieve a 90% efficacy rate.

At 5:15 am ET, January Brent crude futures climbed 1.69% to $45.70 per barrel. West Texas Intermediate for settlements in the same month was up 1.49% to $43.04 per barrel concurrently.

Breaking the News / JC