Oil Achieves Best Gains in Five Months

Oil prices rose on Monday, supported by an improved outlook for demand recovery after it was reported that a vaccine against the Coronavirus is showing success, as announced by Pfizer earlier today.

Brent crude futures for January delivery surged by $2.95, or 7.5%, to settle at $42.40 per barrel.

This is the biggest gain for the global benchmark futures since the beginning of June.

Meanwhile, the West Texas Intermediate (WTI) crude futures for December delivery soared by $3.15, or 8.5%, to finish at $40.29 per barrel.

This is the highest gain for the US benchmark futures since the beginning of May.