Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Oil gains as vaccine hopes outweigh lockdown impact

    Oil gains as vaccine hopes outweigh lockdown impact

    November 10, 2020
    Share
    Facebook Twitter LinkedIn WhatsApp
    Oil extends gain.

    London — Oil prices rose on Tuesday as hopes that a COVID-19 vaccine could be on the horizon outweighed the expected negative impact on fuel demand from new lockdowns to contain the virus.

    Brent crude futures rose 53 cents, or 1.3%, to $42.93 by 1435 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures gained 54 cents, or 1.3%, to $40.83.

    Both contracts jumped 8% on Monday in their biggest daily gains in more than five months after drugmakers Pfizer and BioNTech said that their experimental COVID-19 treatment was more than 90% effective based on initial trial results.

    Mass rollouts, however, are likely to be months away and subject to regulatory approvals.

    “A viable vaccine is unequivocally game-changing for oil – a market where half of demand comes from moving people and things around,” JP Morgan said in a note.

    Prices were also boosted by comments from Saudi Arabia’s energy minister, who on Monday said that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, could tweak their supply pact if demand slumps before the vaccine is available.

    OPEC+ agreed to cut supply by 7.7 million barrels per day (bpd) from August through December and then ease the cuts by about 2 million bpd in January.

    • Reuters

    Related News

    Court fixes July 16th to decide Macobarb vs NLNG N5.74bn claim

    Oil prices tumble following Trump touted Iran-Israel ceasefire

    Tinubu support for Dangote’s plan to reshape downstream sector

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    Court fixes July 16th to decide Macobarb vs NLNG N5.74bn claim

    June 24, 2025

    Nigeria’s external reserves hit $23bn as FG targets investment-led growth

    June 24, 2025

    Tinubu wants Africa to shift from raw materials exports to industrialization

    June 24, 2025

    Italian regulator fines Eni & Novamont €32m for market abuse

    June 24, 2025

    Rivers Administrator endorses tech path for naval security

    June 24, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.