Oil on track for two-month high as lockdowns ease, positive vaccine results

Oil on track for two-month high as lockdowns ease, positive vaccine results

NEW YORK (Reuters) - Oil prices jumped on Monday, with both U.S. and Brent benchmarks on track for their highest settles in two months, supported by positive early results on a potential coronavirus vaccine and optimism about resumption in economic activity.. FILE PHOTO: Pump jacks operate at sunset in Midland, Texas, U.S., February 11, 2019.. "Oil is breaking out higher after a potential coronavirus vaccine showed positive results in a Phase 1 trial and on reports that China's crude demand is almost back towards pre-virus levels," said Edward Moya, senior market analyst at OANDA in New York.. Oil prices were also supported by production cuts by the Organization of the Petroleum Exporting Countries and its allies, including Russia, a group known as OPEC+.. Kuwait and Saudi Arabia have agreed to halt oil production from the joint Al-Khafji field for one month, starting from June 1, Kuwait's Al Rai newspaper reported on Saturday..