Oil Prices Surge 10% On COVID Vaccine Hope

[Pitcher]

https://oilprice.com/Energy/Oil-Prices/Oil-Prices-Surge-10-On-COVID-Vaccine-Hope.html
 

Oil Prices Surge 10% On COVID Vaccine Hope

By Tsvetana Paraskova - Nov 09, 2020, 9:00 AM CST

Oil prices soared by 10 percent and WTI Crude topped $40 a barrel on Monday morning, after vaccine developers announced 90-percent efficacy of a COVID-19 vaccine candidate, instilling hopes on the markets that life could soon return to normal.  

As of 9:38 a.m. ET, WTI Crude prices were surging by 10.37% at $40.92 and Brent Crude was soaring by 9.02% on the day, at $43.01.

Oil jumped and followed other markets globally on Monday after Pfizer and BioNTech said that their mRNA-based vaccine candidate, BNT162b2, against SARS-CoV-2 demonstrated evidence of efficacy against COVID-19 in participants without prior evidence of SARS-CoV-2 infection.

The vaccine candidate was found to be more than 90% effective in preventing COVID-19 in participants without evidence of prior SARS-CoV-2 infection in the first interim efficacy analysis, the companies said. Pfizer and BioNTech plan to file for Emergency Use Authorization (EUA) to the U.S. Food and Drug Administration (FDA) soon after the required safety milestone is achieved, which is currently expected to occur in the third week of November.

After months of setbacks on vaccine development by pharmaceutical companies, the markets, including the oil market, cheered the news of the effective vaccine candidate, hoping that a vaccine could soon allow a return to pre-coronavirus way of life and travel.

Oil prices were also supported by a weakening U.S. dollar and Joe Biden’s victory in the U.S. election this weekend, which boosted appetite for riskier assets and removed the election uncertainty from the market.

Saudi Arabia also jawboned oil prices higher earlier on Monday as Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, said that the current deal could be tweaked, in the clearest signal that OPEC+ is seriously considering such a move.

“I would go and argue it could be a tweak even beyond what the so-called analysts are talking about,” Prince Abdulaziz bin Salman told the ADIPEC conference, as carried by Reuters.  

[3n1]

thanks pitcher isnt it amazing now all of a sudden there is this bright hope of a china virus vaccine .. cheers

[stanleypower]

13 minutes ago, 3n1 said:

thanks pitcher isnt it amazing now all of a sudden there is this bright hope of a china virus vaccine .. cheers

Big Pharma playing political games with peoples lives

[yota691]

Oil falls as demand worsens weaken

16:05 - 10/11/2020

 

  

Information / follow-up.

Oil prices fell today, Tuesday, as concerns about fuel demand in the near term in Europe and the United States affected by the Corona virus chased the market after a rise during the night led by encouraging news about a vaccine for Covid-19.

US West Texas Intermediate crude futures fell 55 cents, or about 1.4%, to $ 39.74 a barrel by 0545 GMT, while Brent futures fell 44 cents, or 1%, to $ 41.96 a barrel.

The contracts of the two benchmarks jumped 8% on Monday, in their biggest daily gain in more than five months, after Pfizer and Biontech, the pharmaceutical industry, announced that their experimental vaccine for treating Covid-19 disease was more than 90% effective based on the results of initial trials, but the vaccine was distributed. In huge numbers it will likely take months and is subject to regulatory approval.

Rystad Energy said that the lockdown measures in Europe could lead to an additional loss of one million barrels per day of oil demand by the end of this year.

The American Petroleum Institute is scheduled to release crude stockpile data on Tuesday, and the US Energy Information Administration will release data on Wednesday.

On average, five analysts polled by Reuters estimated that US crude inventories fell by 1.3 million barrels in the week ending November 6.

The decline in oil prices today was tempered by comments by the Saudi Energy Minister, who said yesterday, Monday, that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC +, may amend their agreement to reduce supplies if demand falls before the vaccine becomes available.

OPEC + agreed to cut supplies by 7.7 million barrels per day from August to September, and to ease the reduction to 5.7 million barrels per day from January. 25 S.