WTI crude futures extended early gains rising more than 10% to trade around $41.1 a barrel on Monday, its highest daily increase in over six months, after Pfizer/BioNTech announced that its experimental coronavirus vaccine is 90% effective in preventing infection among people without evidence of prior disease. At the same time, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said the OPEC+ deal on oil output cuts could be adjusted as it has been in the past if there is consensus among members of the group. Early gains were supported by a surge in investors’ appetite for riskier assets as Joe Biden emerged as the winner in the US presidential race, four days after Election Day.
