Oil was up on Tuesday morning in Asia as multiple vaccine makers delivered positive information on their progress. Moderna Inc (NASDAQ:MRNA) has released information about its candidate mRNA-1273, which has both a greater efficacy and better storage conditions than the Pfizer Inc (NYSE:PFE) and BioNTech (F:22UAy) product BNT162b, giving rise to optimism about the end of the COVID-19 pandemic.
Brent oil futures rose 0.25% to $44.09 by 11:08 p.m. (ET) and WTI futures jumped 0.60% to $41.59.
Oil continues its rise on more vaccine news, with investors pinning their hopes on a rise in demand in the coming year. The energy sector has leapt over 23% in the last week on the back of information regarding efficacy and storage data released by major vaccine makers.
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