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Oil prices gain as Covid-19 vaccine hopes outweigh lockdown impact

Brent crude futures rose 53 cents, or 1.3%, to $42.93 by 1435 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 54 cents, or 1.3%, to $40.83

crude oil prices
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OPEC+ agreed to cut supply by 7.7 million barrels per day (bpd) from August through December and then ease the cuts by about 2 million bpd in January

Reuters
Oil prices rose on Tuesday as hopes that a Covid-19 vaccine could be on the horizon outweighed the expected negative impact on fuel demand from new lockdowns to contain the virus.
 
Brent crude futures rose 53 cents, or 1.3%, to $42.93 by 1435 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 54 cents, or 1.3%, to $40.83.
 
Both contracts jumped 8% on Monday in their biggest daily gains in more than five months after drugmakers Pfizer and BioNTech said that their experimental Covid-19 treatment was more than 90% effective based on initial trial results.
 
Mass rollouts, however, are

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