Oil extended gains after closing at the highest level since August on signs Covid-19 vaccines could be rolled out within weeks and as the start of the US presidential transition process aided markets in general.Futures in New York rose around 1% after settling above $43 a barrel on Monday. A vaccine developed by the University of Oxford and AstraZeneca Plc that prevented a majority of people from getting the disease could be deployed as soon as next month. That follows successful trials of two other anti-virus drugs. The triggering of a formal transition process to US President-elect Joe Biden buoyed stock markets and pushed down the dollar.Vaccine optimism has oil heading for its best month since May, with investors looking past a worsening second wave that’s spurring more lockdown measures. Covid-19 is forecast to claim another 30,000 American lives by mid-December, Japan is moving toward boosting restrictions to contain the virus and Hong Kong is set to close bars and nightclubs, according to local media.The prospect of imminent drug rollouts is reshaping the oil futures curve. Global benchmark Brent’s prompt timespread flipped into backwardation — a bullish structure where prompt contracts are more expensive than later-dated… Read full this story
- Barrett rises quickly as high jump contender
- Poll: Warren Leads in Iowa as Biden Sinks to Fourth
- Rising and falling: Vets T.O. and L.T. climbing
- VP Biden visits Yanks at spring training
- VP Biden attends women’s championship game
- Biden says US will beat England at World Cup
- Biden, Clinton to attend WWC final
- Jill Biden, Chelsea Clinton to attend WCup final
- Jill Biden, Chelsea Clinton to attend World Cup
- Biden’s mix-up angers San Fran fans
Oil rises past August high on vaccine progress, Joe Biden transition have 283 words, post on www.hindustantimes.com at November 24, 2020. This is cached page on Asean Breaking News. If you want remove this page, please contact us.
