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Oil Jumps With Vaccine News Igniting Hopes of Improved Demand

Pfizer coronavirus vaccine prevents 90% of infections in study
WTI surged more than 11% alongside broader market rally

A pump jack operates near Hugoton, Kansas, U.S., on Friday, Sept. 25, 2020. — A pump jack operates near Hugoton, Kansas, U.S., on Friday, Sept. 25, 2020.
Photographer: Angus Mordant/Bloomberg

By

Andres Guerra Luz

November 9, 2020, 10:54 AM UTCUpdated onNovember 9, 2020, 8:32 PM UTC

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.