Oil climbs on US stimulus, Covid-19 vaccine optimism

Oil climbs on US stimulus, Covid-19 vaccine optimism

Bloomberg Oil climbed as the UK is poised to grant regulatory approval to another Covid-19 vaccine and as the US passed its stimulus bill into law. Futures in New York are trading 1.2% higher after dipping in early trading. Britain's drug regulator could clear the shot produced by AstraZeneca Plc and the University of Oxford for use as early as this week, according to a person familiar with the matter. This could give it another tool to fight the pandemic. Crude reversed losses of as much as 1.5% after President Donald Trump signed the long-awaited bill containing $900 billion of virus relief, having previously criticised the stimulus package. The bill's approval weakened the greenback, raising demand for dollar-denominated commodities, and also raised hopes of higher oil consumption in the future. Despite Monday's gains, oil is finishing the year on a somber note. Traders are weighing the short-term demand risk of more travel restrictions as a result of a new mutation in the coronavirus, against optimism over vaccine rollouts, which will eventually boost energy demand. There's also evidence the resurgent pandemic is stalling the economic recovery in some parts of Asia. “I see a very quiet market from now until the