Oil Climbs With Vaccine Optimism Lifting Broader Markets
- Moderna trials show its Covid-19 vaccine is 94.5% effective
- WTI crude futures advance 3%, the biggest rally in a week
Photographer: Daniel Acker/Bloomberg
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Oil gained the most in a week amid signals a Covid-19 vaccine is highly effective against the coronavirus, boosting optimism that an uptick in demand may be nearing.
Futures climbed 3% and the Dow Jones Industrial Average briefly touched an intraday record after Moderna Inc. said its vaccine had 94.5% efficacy in a preliminary analysis of a large, late-stage clinical trial. That followed similar positive developments from Pfizer on its vaccination last week, which buoyed risky assets globally. Prices were also supported by a monthly rebound in China’s oil processing.