Oil at 2-month high on Chinese demand rebound, Covid-19 vaccine hope

Futures in New York climbed as much as 13.2% on Monday. Chinese oil use is at 13 million barrels a day

Oil jumped to levels not seen since Covid-19 lockdowns paralysed the world’s largest economy as Chinese demand returned and signs of a viable vaccine sparked optimism.

Futures in New York climbed as much as 13.2 per cent on Monday. Chinese oil use is at 13 million barrels a day, just shy of the levels of a year earlier, traders and executives said. Moderna reported promising early results from an experimental vaccine, tempering fears of a virus resurgence and offering hope that economies can safely reopen.

“If China can get back to pre-Covid demand levels, and China is, at least from a virus