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Oil prices soared on Monday, the biggest one-day rise in more than six months after Pfizer revealed promising results from a COVID-19 vaccine trial, along with the results of the US presidential election. Dow soars above 830 as gold falls above $ 97
West Texas Crude Contract Inter Medium OR Light Sweet Crude December delivery period rose $ 3.15 to close at $ 40.29 on the Brent, North Sea, London side. For January delivery, $ 2.95 to close at $ 42.40 a barrel.
Pfizer announced on Monday (Nov 9) that based on information released ahead of the company’s corona virus vaccine that is in final judgment Implicit that it should be as effective as 90% in preventing COVID-19 . Therefore, the company can be ready to apply the next time of the month. Request the United States Food and Drug Administration (FDA) to grant an urgent emergency permit to use this vaccine in citizens.
“If you get a vaccine right away We start to bring more economies and lifestyles back to the market. We will turn around the oversupply trend next year. It is a very tight supply market. It should be a big contributor to the price of oil. ”Said Phil Flynn, senior analyst at Price Features Group in Chicago.
On the US stock market on Monday (Nov 9), investors are hoping the opportunity to turn the economy around completely is not far off. The first positive data is available in the final clinical trial of the COVID-19 vaccine. From Pfizer
The Dow Jones rose 834.57 points (2.95 percent) to close at 29,157.97 points, the S&P gained 41.06 points (1.17 percent) to close at 3,550.50 points, the Nasdaq fell 181, 45 (1.53 percent) to close at 11,713.78 points.
Energy stocks were boosted by rising oil prices after US drugmaker Pfizer and German alliance Biotech said in a large trial that their COVID-19 vaccine showed: It should be as effective as 90% against the new corona virus.
Such progress is a factor that adds to the bustle of the capital markets. Afterwards, investors already responded to the positive. With the news on Saturday (November 7) that Joe Biden, Democratic candidate. He won the US presidential election.
Biden than the president of the United States. It issued a statement about Pfizer Inc.’s results of the COVID-19 vaccine trial, but cautioned that Americans still had to wear masks. And maintain social distance As the epidemic is more severe in winter.
The price of gold on Monday (Nov 9) fell more than 97%, the strongest day close in more than seven years Investors sell low risk assets. Then a breakthrough has been reported in the development of a vaccine against COVID-19. Gold prices on the Comex for December delivery fell $ 97.30 to close at $ 1,854.40 an ounce.
(Source: Reuters / Market Watch)
