LONDON (Reuters) – Oil jumped by almost 10% on Monday for its biggest daily gain in almost six months after news of a highly effective Pfizer vaccine against COVID-19 and Saudi Arabia’s assurance that an OPEC+ oil output deal could be adjusted to balance the market.
Brent crude rose $3.41, or 8.6%, to $42.86 a barrel by 1302 GMT while U.S. West Texas Intermediate crude was up $3.57, or 9.6%, at $40.71.
“Asset prices move faster than the real economy, and oil and other risk assets are reacting positively today to the Pfizer vaccine news,” said BNP Paribas analyst Harry Tchilinguirian.
Pfizer said its experimental vaccine was more than 90% effective in preventing COVID-19, based on initial data from a large study.
