• 3 minutes Cyberattack Forces Shutdown Of Largest Gasoline Pipeline In United States - Zero Hedge
  • 6 minutes Renewable Energy Capacity Jumped 45% Worldwide In 2020; IEA Sees 'New Normal'
  • 11 minutes Forecasts for Natural Gas
  • 1 hour U.S. Presidential Elections Status - Electoral Votes
  • 6 mins .
  • 24 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 hours Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 4 hours Electric vehicle market growth is a blessing for some metals — and not a big worry for oil
  • 7 hours Joe Biden's Presidency
  • 4 days Сryptocurrency predictions
  • 3 days CRAPPIFORNIA DOES IT AGAIN! California proposes to steer new homes from gas appliances

Breaking News:

Natural Gas Prices Jump On Warmer Weather

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Prices Surge 10% On COVID Vaccine Hope

Oil prices soared by 10 percent and WTI Crude topped $40 a barrel on Monday morning, after vaccine developers announced 90-percent efficacy of a COVID-19 vaccine candidate, instilling hopes on the markets that life could soon return to normal.  

As of 9:38 a.m. ET, WTI Crude prices were surging by 10.37% at $40.92 and Brent Crude was soaring by 9.02% on the day, at $43.01.

Oil jumped and followed other markets globally on Monday after Pfizer and BioNTech said that their mRNA-based vaccine candidate, BNT162b2, against SARS-CoV-2 demonstrated evidence of efficacy against COVID-19 in participants without prior evidence of SARS-CoV-2 infection.

The vaccine candidate was found to be more than 90% effective in preventing COVID-19 in participants without evidence of prior SARS-CoV-2 infection in the first interim efficacy analysis, the companies said. Pfizer and BioNTech plan to file for Emergency Use Authorization (EUA) to the U.S. Food and Drug Administration (FDA) soon after the required safety milestone is achieved, which is currently expected to occur in the third week of November.

After months of setbacks on vaccine development by pharmaceutical companies, the markets, including the oil market, cheered the news of the effective vaccine candidate, hoping that a vaccine could soon allow a return to pre-coronavirus way of life and travel.

Oil prices were also supported by a weakening U.S. dollar and Joe Biden’s victory in the U.S. election this weekend, which boosted appetite for riskier assets and removed the election uncertainty from the market.

Saudi Arabia also jawboned oil prices higher earlier on Monday as Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, said that the current deal could be tweaked, in the clearest signal that OPEC+ is seriously considering such a move.

“I would go and argue it could be a tweak even beyond what the so-called analysts are talking about,” Prince Abdulaziz bin Salman told the ADIPEC conference, as carried by Reuters.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • George Doolittle on November 09 2020 said:
    A Festivus Miracle!

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News