You are the news now

THE NEWS COMMENTER

VOTE  (0)  (0)

Oil takes breather after vaccine rally as stockpiles rise

Added 11-24-20 09:04:02pm EST - “U.S. oil edged lower on Wednesday, after an industry report showed crude stockpiles in the United States rose against expectations, tempering a rally driven by news that another vaccine against COVID-19 had proved effective in trials.…” - News.yahoo.com

CLICK TO SHARE

Posted By TheNewsCommenter: From News.yahoo.com: “Oil takes breather after vaccine rally as stockpiles rise”. Below is an excerpt from the article.

TOKYO (Reuters) - U.S. oil edged lower on Wednesday, after an industry report showed crude stockpiles in the United States rose against expectations, tempering a rally driven by news that another vaccine against COVID-19 had proved effective in trials.

West Texas Intermediate crude was down 14 cents, or 0.3%, at $44.77 a barrel by 0035 GMT, after rising more than 4% on Tuesday. Brent crude was yet to trade, having risen almost 4% in the previous session.

The contracts closed at their highest since early March on Tuesday, after a three-day rally pushed prices up around 8%.

"The energy sector is threatening to slam the door on (the) COVID-era struggle and ride positive vaccine economics to the next level," said Bob Yawger, director of energy futures at Mizuho Securities.

AstraZeneca said on Monday its COVID-19 vaccine was 70% effective in trials and could be up to 90% effective, providing another weapon in the fight to control the pandemic after positive results from other major pharmaceutical developers.

Read more...

If you don't see any comments yet, congrats! You get first comment. Be nice and have fun.

CLICK TO SHARE

BACK TO THE HOME-PAGE