• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 6 hours China sends warplanes thru Taiwan airspace. Joe's reponse . . . .
  • 11 hours Joe Biden's Presidency
  • 5 hours Biden suspends oil and gas drilling on Federal Lands for 60 days for review.
  • 12 hours Navalny Poisoning Weakens Russo German Relations
  • 6 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 11 hours Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 14 hours Will Empire be brazen about stealing OIL from Venezuela?
  • 44 mins China Exports Rise In March, Rebounding From Slump
  • 45 mins Top 3 Skills for Traders
  • 47 mins If Everyone Dies from Corona, Pharmaceuticals Win
  • 3 hours GENERAL NORMAN SCHWARZKOPF: The Third Tour
  • 17 hours Minerals, Mining and Industrial Ecology
  • 1 day So Is COVID a Media Hoax or Not?
Oil Prices Rise On New Stimulus Hopes

Oil Prices Rise On New Stimulus Hopes

Oil prices were up on…

Why Oil Will Keep Rising In 2021

Why Oil Will Keep Rising In 2021

While new lockdowns around the…

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