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A pump jack operates near Hugoton, Kansas, U.S., on Friday, Sept. 25, 2020.
Andres Guerra Luz
Oil surged by the most since May as news of a potential Covid-19 vaccine breakthrough injected fresh hope that an end is in sight to the worst demand slump in decades.
Futures spiked 8.5% in New York alongside a broader market rally after news that a vaccine being developed by Pfizer Inc. and BioNTech SE prevented more than 90% of symptomatic infections in a large-scale study. While coronavirus cases continue to surge globally, the prospect of a widely distributed vaccine could jumpstart the fragile rebound in consumption.