Oil Prices Record Its Biggest One-Day Gain In More Than Five Months

Baghdad, Oil futures jumped nearly eight percent, recording its biggest one-day gain in more than five months, after Pfizer announced promising results for its COVID-19 vaccine.

Brent crude futures, the world benchmark, ended the trading session up $ 2.95, or 7.48 percent, to settle at $ 42.40 a barrel.

U.S. West Texas Intermediate crude futures rose $ 3.15, or 8.48 percent, to settle at $ 40.29 a barrel.

The two benchmarks jumped more than four dollars earlier yesterday.

Oil markets rose after Saudi Arabia indicated that it and other crude producers may amend their current agreement to reduce supplies and may withhold more barrels from the market if demand falls in the winter with the increase in virus infections and before the vaccine is widely available.

 

Source: National Iraqi News Agency

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