Brent Oil Hits Eight-Month High on Hopes for Vaccine in Weeks
- Immunization in U.S. will ‘hopefully’ start within three weeks
- Brent prompt spread moves to bullish backwardation structure
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Global oil prices hit the highest level since March as hopes for a vaccine rollout within weeks brightened the outlook for fuel consumption.
Brent crude futures rose 2.5% in London, following a broader market rally after AstraZeneca Plc became the latest company to report a vaccine that protects most people. Vaccinations will “hopefully” start by Dec. 12, Moncef Slaoui, head of the U.S. government’s Operation Warp Speed program, said on CNN. Strong manufacturing out of the U.S. and Germany also buoyed crude.