Crude oil futures ended sharply higher on Tuesday, extending gains from previous session, as optimism over potential coronavirus vaccine continued to outweigh worries about energy demand outlook.

Also, possibility of OPEC+ tweaking their supply cut pact in the event of a drop in demand helped ease concerns over excess supply.

West Texas Intermediate Crude oil futures for December ended up $1.07 or about 2.7% at $41.36 a barrel.

Brent crude futures were rising $0.54 or 1.3% at $42.94 a barrel.

After Pfizer reported that its coronavirus vaccine is more than 90% effective, U.S. President-elect Joe Biden heralded the positive new development in the race for a vaccine, but said it will still be several months before most of the country is inoculated.

The results were based on the first interim efficacy analysis conducted on November 8, 2020 by an external, independent Data Monitoring Committee from the phase 3 clinical study. The Committee has not reported any serious safety concerns.

Meanwhile, markets were looking ahead to weekly oil inventory data. While the American Petroleum Institute (API) will release its weekly oil report later today, the Energy Information Administration (EIA) will release weekly inventory data Wednesday morning.

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.