Magnifying their previous session gains, crude oil futures ended higher on Tuesday as optimism over a potential coronavirus vaccine continued to outweigh worries about the energy demand outlook. After Pfizer reported that its coronavirus vaccine is more than 90% effective, US President-elect Joe Biden heralded the positive new development in the race for a vaccine but warned it will still be several months before most of the country is inoculated. Meanwhile, the possibility of OPEC+ tweaking their supply cut pact in the event of a drop in demand helped ease concerns over excess supply.
Crude oil futures for December surged $1.07 or 2.7 percent to settle at $41.36 a barrel on the New York Mercantile Exchange. January Brent crude rose $0.54 or 1.3 percent to settle at $42.94 a barrel on London's Intercontinental Exchange.