Oil on track for 2-month high as lockdowns ease, positive vaccine results
Oil prices jumped on Monday, with both US and Brent benchmarks on track for their highest settles in two months, supported by positive early results on a potential coronavirus vaccine and optimism about resumption in economic activity.
Brent futures for July delivery rose $2.25, or 6.9%, to $34.75 a barrel by 1:34 p.m. EDT (1734 GMT), while US West Texas Intermediate (WTI) crude rose $2.16, or 7.3%, to $31.59.
That puts both Brent and WTI on track for their highest settles since March 11.
Early data from Moderna Inc’s COVID-19 vaccine, the first to be tested in the United States, showed that it produced protective antibodies in a small group of healthy volunteers, the company said on Monday.
