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Crude oil prices jump over 4% on latest Covid-19 vaccine progress

Brent crude futures for January were up $1.79, or 4.2 per cent, to $44.57 a barrel by 7:50 pm (IST), while U.S. West Texas Intermediate crude for December was up $1.84 or 4.6 per cent to $41.97

crude oil prices
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Prices were also buoyed by data showing a rebound in China and Japan, with figures showing that Chinese refineries processed record daily levels of crude in October

Reuters London
Oil prices jumped more than 4 per cent on Monday, recouping the previous session’s losses after Moderna said its experimental vaccine was 94.5 per cent effective in preventing Covid-19.

Brent crude futures for January were up $1.79, or 4.2 per cent, to $44.57 a barrel by 7:50 pm (IST), while U.S. West Texas Intermediate crude for December was up $1.84 or 4.6 per cent to $41.97. 

“Vaccine euphoria has already been priced in heavily since last week, but a second remedy to Covid shows that a large-scale vaccination programme, with sufficient amounts for the global population, is somewhat closer,” said Rystad Energy

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First Published: Nov 17 2020 | 12:46 AM IST

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