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Oil prices soar about 8% on promising coronavirus vaccine results

By Laila Kearney

Oil Prices

Reuters  |  NEW YORK 

By Laila Kearney NEW YORK (Reuters) - Oil surged about 8% on Monday, putting it on track for its biggest daily gain in more than six months after Pfizer announced promising results for its COVID-19 vaccine, boosting risk assets around the globe. Brent crude was up $3.11, or 7.9%, at $42.56 a barrel at 1:35 p.m. EDT (1835 GMT), while U.S. West Texas Intermediate crude rose $3.31, or 8.9%, to $40.45. Both contracts rose more than $4 earlier in the session and traded more than 120% of last session's volumes. "The oil complex is joining in the bullish euphoria of ...

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First Published: Tue, November 10 2020. 01:41 IST