Oil soars on strong results for COVID-19 vaccine tests
https://www.cnbc.com/2020/11/09/oil-markets-coronavirus-uselection.html
- “If you all of a sudden have a vaccine and we start opening up and life starts getting back to normal, we go from a perception of an oversupplied market to a very tight market next year and that could be very supportive for prices,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.
- Pfizer said its experimental vaccine was more than 90% effective in preventing COVID-19, based on initial data from a large study, a victory in the battle against a pandemic that has forced lockdowns around the world and led to a drop-off in fuel demand.
- Meanwhile, Saudi Arabia said an OPEC+ oil output deal could be adjusted to balance the market. The kingdom’s energy minister Prince Abdulaziz bin Salman said the OPEC+ deal on oil output cuts could be adjusted if there was consensus among members of the group, increasing the prospect of tighter supplies and higher oil prices.
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