INSUBCONTINENT EXCLUSIVE:
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
Salman, that a deal with oil producers allied with the Organization of the Petroleum Exporting Countries, a group known as OPEC+, can
Donald Trump.According to Motilal Oswal Financial Services, tougher regulations on hydraulic fracturing would likely reduce production,
new drilling on public lands and move towards a carbon-free future, the brokerage said in a note
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.
