Oil’s rally extended to a fourth day as a combination of recovering demand, production cuts and promising test results for a coronavirus vaccine brightened the outlook for energy prices.
Futures in New York rose around 4% to past $33 a barrel after closing at the highest level in almost 10 weeks on Monday. The June contract expires Tuesday but a repeat of last month’s plunge below zero is highly unlikely.
There were far higher trading volumes in the July contract, which advanced around 3%. Crude got an extra boost on Monday after American biotechnology company Moderna Inc.
said its vaccine showed signs it can create an immune-system response to the virus, helping to spur broad financial market gains.