Crude oil futures ended sharply higher on Monday as positive reports about a potential coronavirus vaccine. Pfizer Inc. and BioNTech SE announced that the first set of results from the phase 3 COVID-19 vaccine trial provides initial evidence of the vaccine’s ability to prevent COVID-19. Democrat Joe Biden's victory in the US presidential election also lifted optimism about positive developments in international trade. Meanwhile, Market was also reacting positively to reported comments by Saudi Arabia that OPEC+ will likely alter oil output to balance the market.
Crude oil futures for December gained $3.15 or 8.5% percent to settle at $40.29 a barrel on the New York Mercantile Exchange. January Brent crude rose $3.10 or 8 percent to settle at $42.55 a barrel on London's Intercontinental Exchange.