Oil futures notch back-to-back gains, buoyed by prospects for a COVID-19 vaccine

/ / News

Oil futures climbed Tuesday for a second straight session, continuing to find support amid prospects for a COVID-19 vaccine that eased some concerns that rising cases of the virus will lead to a further slowdown in energy demand. Despite the day’s climb, “questions about demand are still hanging over the energy market as several nations are currently in lockdown that should hurt demand,” said David Madden, market analyst at CMC Markets UK. December West Texas Intermediate crude rose $1.07, or 2.7%, to settle at $41.36 a barrel on the New York Mercantile Exchange, following an 8.5% climb on Monday.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.