Oil moves higher on latest COVID-19 vaccine progress
Oil prices climbed on Monday, recouping some losses from the previous session after US company Moderna Inc said its experimental vaccine was 94.5% effective in preventing COVID-19.
Brent crude futures for January were up $1.48, or 3.5%, to $44.26 a barrel by 1215 GMT, while US West Texas Intermediate crude for December was at $41.63, up $1.5 or 3.7%.
Prices were also buoyed by new data showing a rebound in the world’s second and third largest economies, China and Japan, as figures showed Chinese refineries processed the most crude ever in October on a daily basis.
