Oil Hits Two-Month High With Vaccine Hope Offsetting Demand Fear
- Vitol Group predicts oil demand recovery by late next year
- U.S. crude stocks fell by 5.15 million barrels last week: API
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Oil rose to its highest in more than two months in London on optimism that a potential coronavirus vaccine will boost demand, offsetting immediate concerns over growing virus lockdowns.
Futures in London climbed 2.9% to the highest since early September, adding to Monday’s gain following encouraging results from a large-scale vaccine trial. Oil extended gains after the industry-funded American Petroleum Institute was said to report that U.S. crude inventories fell by 5.15 million barrels last week. The report also showed gasoline and distillate stockpiles fell.