Oil soars 8% on promising COVID-19 vaccine results

Oil markets also rose after Saudi Arabia suggested it and other oil producers could adjust its current supply-cut pact, perhaps taking more barrels off the market if demand slumps in the winter as infections rise and before the vaccine is widely available

NEW YORK: Oil surged about 8% on Monday, its biggest daily gain in more five months, after Pfizer announced promising results for its COVID-19 vaccine.

Brent crude settled at US$42.40 a barrel, up $2.95, or 7.48%, while U.S. West Texas Intermediate crude settled at $40.29 a barrel, rising $3.15, or 8.48%.