KONTAN.CO.ID - SINGAPORE. Oil prices rose on Tuesday as high hopes that a COVID-19 vaccine could be on the horizon were enough to cancel out fears that fuel demand is set to weaken in the near term in coronavirus-hit countries in Europe and the United States. U.S. West Texas Intermediate (WTI) crude futures edged up 16 cents, or 0.4%, to $40.45 a barrel by 0805 GMT, while Brent crude futures rose 9 cents, or 0.2%, to $42.49. Both benchmark contracts jumped 8% on Monday, in their biggest daily gains in more than five months, after drugmakers Pfizer and BioNTech said an experimental COVID-19 treatment was more than 90% effective based on initial trial results. Mass rollouts, however, are likely months away and subject to regulatory approvals.
Oil gains as COVID-19 vaccine hopes outweigh weak fuel demand outlook
KONTAN.CO.ID - SINGAPORE. Oil prices rose on Tuesday as high hopes that a COVID-19 vaccine could be on the horizon were enough to cancel out fears that fuel demand is set to weaken in the near term in coronavirus-hit countries in Europe and the United States. U.S. West Texas Intermediate (WTI) crude futures edged up 16 cents, or 0.4%, to $40.45 a barrel by 0805 GMT, while Brent crude futures rose 9 cents, or 0.2%, to $42.49. Both benchmark contracts jumped 8% on Monday, in their biggest daily gains in more than five months, after drugmakers Pfizer and BioNTech said an experimental COVID-19 treatment was more than 90% effective based on initial trial results. Mass rollouts, however, are likely months away and subject to regulatory approvals.