Oil Hits Two-Month High With Vaccine News Buoying Demand Hope
- New York City closes schools in bad sign for crude demand
- U.S. crude supplies rose less than expected last week: EIA
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Oil rose to its highest since early September following further progress on a coronavirus vaccine, with investors shrugging off a smaller-than-expected build in U.S. stockpiles.
Futures in New York jumped as much as 2.5% on Wednesday, but gave up some of those gains in the wake of news that New York City will shut down in-person schooling. Prices earlier surged after Pfizer Inc. said a final analysis of clinical-trial data indicated its Covid-19 vaccine was 95% effective, spurring hopes for an eventual rebound in consumption. Meanwhile, an Energy Information Administration report showed last week’s U.S. crude stockpiles was smaller than expected.