"Today is a great day for science and humanity," said Dr. Albert Bourla, CEO of COVID-19 vaccine developer Pfizer . That statement came with the company's data that its vaccine candidate proved to be more than 90% effective in preventing the virus in a study of thousands of volunteers worldwide. That news is fueling a massive rally in the stock market, with industries hardest hit by the pandemic leading the way.
The oil sector is in that group, as the coronavirus crisis has crushed demand for oil this year, causing crude prices to plunge. However, today oil is in rally mode. The global oil price benchmark, Brent, has surged nearly 9% as of 9:30 a.m. EST. WTI, the U.S. oil price benchmark, has jumped more than 10%. That rebound in the oil market fueled massive gains in most oil stocks, including leading big oil producers BP (NYSE: BP) , Shell (NYSE: RDS.A) (NYSE: RDS.B) , ExxonMobil (NYSE: XOM) , Chevron (NYSE: CVX) , and Total (NYSE: TOT) , which all rallied by double digits in pre-market trading.
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Big Oil Stocks Are Soaring on COVID-19 Vaccine News Today