U.S. oil futures gain more than 8% on news of promising COVID-19 vaccine

/ / News

Oil futures rallied Monday, lifting U.S. prices by more than 8% as news of a promising COVID-19 vaccine helped ease worries about a slowdown in energy demand tied to rising cases of the virus. December West Texas Intermediate crude rose $3.15, or 8.5%, to settle at $40.29 a barrel on the New York Mercantile Exchange. That was the largest daily percentage gain for a front-month contract since mid-May and highest settlement since Oct. 22, FactSet data show.
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.