NEW YORK (Reuters) – Oil surged about 8% on Monday, putting it on track for its biggest daily gain in more than six months after Pfizer announced promising results for its COVID-19 vaccine, boosting risk assets around the globe.
Brent crude was up $3.11, or 7.9%, at $42.56 a barrel at 1:35 p.m. EDT (1835 GMT), while U.S. West Texas Intermediate crude rose $3.31, or 8.9%, to $40.45.
Both contracts rose more than $4 earlier in the session and traded more than 120% of last session’s volumes.
“The oil complex is joining in the bullish euphoria of today’s optimistic vaccine headlines as well as the weekend election results by trailing the equities higher,” said Jim Ritterbusch of Ritterbusch and Associates in Houston.
