Crude oil rates surged more than 10 per cent on Monday in their biggest single-day gain in six months, on hopes of a COVID-19 vaccine and a cut in output by top producers.

Brent crude futures - the global benchmark for crude oil - soared to quote at $43.48 per barrel at the strongest level recorded during the session compared to their previous close.

That marked an increase of $4.03 per barrel - or 10.22 per cent - at the intraday high, compared to Friday's close of $39.45 per barrel.

US-based drug maker Pfizer said its experimental vaccine was more than 90 per cent effective in preventing COVID-19, based on initial data from a large study.The news of a highly effective vaccine against COVID-19 boosted oil markets, which have been battered by the impact of the pandemic-related restrictions around the globe since March. Assurance by Saudi Arabia's Energy Minister, Prince Abdulaziz bin Salman, that a deal with oil producers allied with the Organization of the Petroleum Exporting Countries, a group known as OPEC+, can be adjusted if there is consensus among members provided strong support to the rates.The OPEC+ group has already agreed to supply cuts of 7.7 million barrels per day (bpd) by around 2 million bpd from January.While Brent crude jumped too as high as $43.48 per barrel, the New York Mercantile Exchange's WTI or West Texas Intermediate futures - the benchmark for US oil rates - jumped 4.19  per cent to $41.33 per barrel during the session. Analysts say a Joe Biden administration could be positive for US oil compared to the second term for President Donald Trump.According to Motilal Oswal Financial Services, tougher regulations on hydraulic fracturing would likely reduce production, raising crude prices to levels of $45-$55 (WTI)  in coming months after US elections.This is on account of the challenger pledging to end new drilling on public lands and move towards a carbon-free future, the brokerage said in a note.

Mr Biden's election win will likely be an upward catalyst for oil prices, Motilal Oswal said. The dollar weakened on Monday, hitting a 10-week low and boosting dollar-priced commodities that become more affordable for buyers outside the US.

That also provided some support to oil rates.However, analysts say renewed lockdown measures in European to contain the coronavirus infections still appear set to affect the outlook for global oil demand.