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Oil Rises for Third Straight Week on Covid-19 Vaccine Optimism

  • WTI, Brent climb to their highest since early September
  • Some sections of WTI futures curve nearing backwardation
Oil Operations on the Outskirts of Baku
Photographer: Taylor Weidman/Bloomberg
Updated on

Oil rose to the highest in nearly three months with positive Covid-19 vaccine developments paving the way for a more sustained recovery in oil demand.

Futures rose 5% in New York this week for a third straight weekly gain as Pfizer Inc. and BioNTech SE requested emergency authorization of their Covid vaccine Friday. Moderna Inc. also released positive interim results from a final-stage trial and said it’s close to seeking emergency authorization. Still, further gains were limited by broader market declines amid a dispute between the White House and the Federal Reserve over emergency lending programs.