Oil advances above $47 after tanker explosion near Saudi port

Oil climbed past $47 a barrel after an another tanker explosion in the Middle East raised concerns over the region’s stability and as the first Covid-19 vaccine was poised to be distributed across the US

Futures rose 1.4% in New York after losing 0.5% on Friday. A ship was hit by an explosion at the Saudi Arabian port of Jeddah, with no casualties reported. It comes three weeks after an oil tanker was damaged in a possible attack at the Saudi terminal of Shuqaiq, highlighting the potential for supply to be disrupted.

First deliveries of the Pfizer Inc.-BioNTech SE vaccine will be made Monday after the drug gained emergency authorization last week, with President Donald Trump and other top officials being offered the shot as part of a plan to ensure continuity of government.