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Oil Extends Gains on Progress in COVID-19 Vaccine Development

Oil prices increased on Tuesday, extending the prior session’s gains, as more progress in developing a COVID-19 vaccine would have a positive impact on the outlook for global fuel consumption.

Moderna said Monday its virus vaccine candidate was 94.5% effective during a late-stage trial. Adding to the positive sentiment, the OPEC+ will extend its current supply cuts for a minimum of three months, according to Reuters.

The cartel is due to hold a Joint Ministerial Monitoring Committee later in the day ahead of its full meeting on November, 30th and December, 1st. At around 06:15 AM GMT, WTI crude gained 0.8% to $41.64 a barrel, while Brent crude gained 0.9% to $44.21 a barrel.

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