Oil rises past August high on vaccine progress, Joe Biden transition
Oil extended gains after closing at the highest level since August on signs Covid-19 vaccines could be rolled out within weeks and as the start of the US presidential transition process aided markets in general.
Futures in New York rose around 1% after settling above $43 a barrel on Monday. A vaccine developed by the University of Oxford and AstraZeneca Plc that prevented a majority of people from getting the disease could be deployed as soon as next month. That follows successful trials of two other anti-virus drugs. The triggering of a formal transition process to US President-elect Joe Biden buoyed stock markets and pushed down the dollar.
Vaccine optimism has oil heading for its best month since May, with investors looking past a worsening second wave that’s spurring more lockdown measures.
