COM - Oil adds 3% as vaccine hopes outweigh potential for new lockdowns

Crude oil prices added to yesterday's big gains, as hopes for a COVID-19 vaccine on the horizon outweighed the expected negative effect on fuel demand of new lockdowns to curb the virus.December WTI (CL1:COM) closed +2.7% to $41.36/bbl and January Brent (CO1:COM) +2.9% to $43.61/bbl, after both contracts jumped 8% yesterday after Pfizer said its COVID-19 treatment candidate was more than 90% effective.Dr. Fauci, director of the U.S. National Institute of Allergy and Infectious Diseases, said today that doses of the vaccine would be available beginning in December, which "implies that at some point in next year, people may be able to go on vacation, which means we will see a greater demand for jet fuel," Mizuho energy analyst Bob Yawger says.Meanwhile, renewed lockdowns in Europe and rising COVID cases in the U.S. are still hurting fuel demand, which could exacerbate work-at-home trends that have forced a sharp curtailment in

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Oil adds 3% as vaccine hopes outweigh potential for new lockdowns