Oil jumps by most since June on Covid-19 vaccine progress

Oil in London jumped by the most since June as Pfizer Inc. reported a potential Covid-19 vaccine breakthrough.

Crude futures spiked following news the vaccine, being developed by Pfizer and BioNTech SE, prevented more than 90% of infections in a study of tens of thousands of volunteers.

Markets globally surged. WTI climbed almost 10% in New York, while global equities soared. It also led to broader strength in the oil futures curve, with timespreads also seeing some of their biggest moves higher in months.

“That could be the potential game changer as it will speed up the demand recovery,” said Ole Hansen, head of commodities strategy at Saxo Bank A/S.