Oil Pushes Past $47 on Vaccine Optimism and Demand Recovery

Oil Pushes Past $47 on Vaccine Optimism and Demand Recovery

An oil pumping jack, also known as a "nodding donkey", in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia, on Thursday, Nov. 19, 2020. 

Photographer: Andrey Rudakov/Bloomberg









Photographer: Andrey Rudakov/Bloomberg





Oil pushed past $47 a barrel, extending a remarkable vaccine-driven rally that's taken many in the market by surprise.Futures in New York rose 0.7% after jumping 2.8% Thursday. The first Covid-19 vaccine expected to be deployed in the U.S. won the backing of a panel of government advisers, helping clear the way for emergency authorization